Dealing with large amounts of debt can take its toll on anyone. When you have more debt than you can afford, you often begin to feel you are drowning in debt. You may be dealing with creditors calling you and threatening to take you to court or garnish your wages. It is important that you do not ignore any of these threats, as the creditors you owe are acting under their rights. If you cannot make arrangements with your creditors, it may be in your interest to seek help from a Chapter 7 Attorney. Through the help of this type of attorney, you can file for chapter 7 bankruptcy and be free of your debts in a matter of a few months.
When you file for chapter 7 bankruptcy, you must first meet with your Chapter 7 Attorney. You will need to provide information on all of the debts you owe and on any income and assets you have. The more information you provide will help your attorney in preparing your bankruptcy file so it can be filed properly with the courts.
In chapter 7 bankruptcy, you are required to liquidate all of your non-essential properties. You are allowed to keep your home, car, furniture and clothing. All extra or non-essential property will be sold through auction. This process is overseen by a trustee who is put in charge of your bankruptcy case. The trustee works to pay down your debts as much as possible by selling all of your assets to the top bidders. The trustee also has the power to absolve you of some portions of your debt where possible.
This type of bankruptcy takes about six months to be accomplished. This will depend on the amount of debts you owe and the assets you own. Your attorney will be able to assist you through every step of the way, so you can be assured your debts will be taken care of legally. After bankruptcy, you will be free of your debt and can finally secure a brighter financial future. If you are in need of help with your debts, contact a Sean C. Paul Attorney at Law today.
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