How do I hire a bankruptcy lawyer

When someone goes through Chapter 7, some of their assets may be liquidated to pay off debts they owe. Exempt assets may include residential home, car, furniture, and clothing. Anything of value that is non-exempt will be liquidated to pay off the debts that are owed.

What Should You Know About Chapter 7 Bankruptcy

There are a couple of options when it comes to filing bankruptcy. Chapter 13 is called a wage earner's bankruptcy and Chapter 7 bankruptcy is for those with mostly unsecured debts. Those who need to file bankruptcy need to be aware of their options and learn all they can about Chapter 7 so they can make the right choice.

What Is Chapter 7?

Having a full understanding of Chapter 7 bankruptcy is essential before making a decision. This type of bankruptcy is one of the fastest debt settlement options available. Most people are able to have their bankruptcy settled in three to six months, allowing them to start fresh with their finances.

To apply for Chapter 7, the individual will need to submit proof of their income and the debts they owe. The individual will go through mean's testing to ensure they do not make over the median income for their state. If mean's testing is passed, the bankruptcy will be approved and a third-party trustee will be placed in charge of the bankruptcy to account for all of the assets owned by the individual.

Understanding the Liquidation

When someone goes through Chapter 7, some of their assets may be liquidated to pay off debts they owe. Exempt assets may include residential home, car, furniture, and clothing. Anything of value that is non-exempt will be liquidated to pay off the debts that are owed. The trustee is in charge of the entire process and most people find it is settled within six months of the start.

Although not required, most people feel more confident in hiring a bankruptcy lawyer to help them in the process. A lawyer will work to ensure their client's rights are protected at all times and the process proceeds as smoothly as possible.

If you are wondering How do I hire a bankruptcy lawyer, look no further. Call the office right away and they will be happy to meet with you. They will go over your financial records and determine the best bankruptcy option. With the help of a lawyer, you can rest assured all of the paperwork will be filled out correctly.