Learn All About Bankruptcy Chapter 7
When you go bankrupt the solution to all your debt problems lies in the filing of a bankruptcy claim. To file for a bankruptcy it is always better to have a capable bankruptcy lawyer who will deal with all the paperwork, proceedings and submissions of related documents that are necessary. There are various types of bankruptcies such as chapter 7, chapter 11 and chapter 13. In order to know what kind of bankruptcy suits you the best, the assistance of a bankruptcy lawyer is mandatory.
You need to qualify the criteria set for various bankruptcy chapters in order to file for a bankruptcy case. Coming to talk about the chapter 7 bankruptcy, there is a great variety of highly experienced bankruptcy lawyers who have handled chapter 7 bankruptcy cases throughout Washington DC. Chapter 7 bankruptcy is the simplest form to be used by the individuals to file for a bankruptcy case. When the bankruptcy laws were changed in 2005 it became a bit difficult for individuals to pass the eligibility criteria for chapter 7 bankruptcy. Now the people who want to file for chapter 7 bankruptcy cases have to go through a test which consists of keeping track of a person’s income and to find out whether or not they have enough money to pay their debts. If it is determined that you do not have that much income and you are not capable of paying the debts then you qualify for the chapter 7 bankruptcy cases; otherwise, you will have to go for chapter 13 bankruptcies.
The chapter 7 bankruptcy attorneys in Washington DC are well trained and committed to help the individuals who struggle in paying their bills and want to avoid foreclosure of their homes. Once you hire a reliable bankruptcy lawyer in Washington DC who deals with chapter 7 bankruptcies, the long process starts with filing of petition for your case. When you are done with filing the petition you move on to the second stage which is called the automatic stay. The automatic stay is very beneficial for you because it prevents your creditors from collecting the debts and the bankruptcy trustee decides what you can keep without the intervention of your creditors.
Next thing on the list is credit counseling which is a mandatory part of the whole process. Credit counseling is done 180 days before filing for chapter 7 bankruptcies. It has to be approved by a nonprofit organization and on completion of this counseling a certificate has to be filed in the court. The duration of credit counseling is one hour during which the agent reviews your budget and gives you advice on various types of bankruptcies and also tells you about the other possible alternatives. If you find his advice useful then you can go with his plan. On the other hand if you have some kind of disability and cannot attend the credit counseling then it is not necessary that you take part in it.
The next stage is the 341 meeting after all your paperwork is done and submitted. All the creditors get a notice from the court to file their objections and attend a hearing. You will be asked various questions about your property, whether the information given in your papers is true or not and whether you have filed for bankruptcy before or not. Mostly creditors do not attend this meeting and it usually lasts a short time. After that all you have to do is wait a couple of months for a discharge notice from court and once you receive it you are free to get on with your life with a peaceful mind.
If you find this article helpful and want to know more about chapter 7bankruptcyWashington DC, you can get in touch with Andrewslaw.net today.
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