Filing for Chapter 7 bankruptcy can be a scary endeavor, but with the right bankruptcy lawyers, your possessions should be safe from creditors and you will be able to start a whole new life. According to recent bankruptcy statistics, nearly 355,000 people filed for Chapter 7 bankruptcy in the first quarter of 2012. Luckily, these numbers of decreasing every year, but it is still helpful to understand the process.
How to File for Chapter 7 Bankruptcy
One must first file an official petition, then put together schedules as well as a document of all financial affairs. The purpose of making these lists is to gather all you financial information together under one document; you should have all of your debts, assets and recent financial history listed. Note that this first step could take some time and it is recommended you seek help from a bankruptcy lawyer who will be able to help you sort through all of your documents.
Don’t forget to list every creditor and their correct mailing address. Not sure if you should list a certain debt? Chances are you should! All debts should be listed, even if they are non dischargeable — it’s best to be transparent when filing for Chapter 7 bankruptcy.
Mention any and all properties that you currently own and the sale value of each. This “property” could mean real estate, your car or any other possessions that were a big investment.
Next, all of these schedules will be signed by the debtor or debtors and then filed by a bankruptcy clerk in whichever district you reside in. Once the case is filed, automatic stay starts, which creates a legal barrier to collection actions by creditors — so you should be safe from collectors during the entirety of your case.
How Law Office of Bardsley and Gray Can Help
This Chapter 7 bankruptcy filing process can be very time consuming but in the long run it will help you stay organized throughout your case. Be sure you enlist the help of a reputable bankruptcy lawyer that can help you through the next steps of the debt relief process. Many firms will cover a variety of Chapter 7 areas, such as stopping foreclosures, repossessions, credit card debt, bill collections and more. Contact the Law Office of Bardsley and Gray for a free half hour consultation.