Published on May 1st, 2015 | by Personal Rights0
What you should know when Filing for Chapter 7 Bankruptcy
When filing for Chapter 7 bankruptcy, it’s important to know the process and the facts about the law. In 2013, there were about 1,071,932 filings in the United States. Bankruptcy help is out there, and there are steps and precautions to take when filing.
Filing Chapter 7 bankruptcy without an attorney or legal representative is a risk. The laws can be difficult to understand alone, so this may cause errors or mistakes. The most used options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Attorneys help those filing find the best road to take to resolve their debts.
A Chapter 7 bankruptcy attorney helps the person filing. The process begins with the filer completing a petition with the bankruptcy court. This must be done in the area that the individual lives or the place of the principal assets. In the case of a business, it must be done in that principal place.
Chapter 7 bankruptcy facts are important to know during the filing process. Firstly, the process takes about six months. During that time, it is important that a legal representative assist the filer to avoid errors. Secondly, Chapter 7 bankruptcy stays on your report for 10 years. Though it is on your report for that period of time, it is not the end of your credit score. The filer may make payments consistently to help recover the credit score. Thirdly, Chapter 7 bankruptcy will allow the filer to liquidate bills. The Chapter 7 bankruptcy timeline is important to keep in mind.
Chapter 13 bankruptcy is slightly different. Chapter 13 bankruptcy help begins with the debtor filing a petition where they have residence.
When filing for bankruptcy, it is important for the filer to know that they are not alone. It is imperative that the filer understands the steps and is guided by an attorney in the process.