Chapter 7 Bankruptcy
Most people in the U.S. have heard or even read about the new bankruptcy laws, which was insituted in 2005. The purpose of the new laws are to safeguard the interests of both the creditors and the debtors. It's can be pretty confusing when you look at the various laws that a person would want to file for. It can be quite a task to choose the appropriate law that will cater to your needs.
In general, most people would want to file for Chapter 7 bankruptcy because this law has many terms that can help the debtors. However, there are many criterias that a debtor need to fulfil in order to file for Chapter 7 bankruptcy.
To assist you, here are some pointers that will help you to apply for chapter 7 bankruptcy properly:
- Bankruptcy should always be the final resolve and consider it only when you have no alternatives.
- Hire a bankruptcy attorney. The attorney will have the knowledge and the ability to assist you in the whole bankruptcy filing.
- There is a rule that you must attend credit counseling.
- File a petition. Doing so will prevent your creditors from getting you into deeper legal troubles.
- Finish the required paper works properly.
- All fees should be paid promptly.
- About a month after the petition, a meeting will be held. Your creditors will be present and they will ask questions about your financial situation which you need to answer. You cannot be absent from this meeting and no excuses can be made.
So all in all, when you have followed the abovementioned advice you know you are well on your way manage your debts.
In general, most people would want to file for Chapter 7 bankruptcy because this law has many terms that can help the debtors. However, there are many criterias that a debtor need to fulfil in order to file for Chapter 7 bankruptcy.
To assist you, here are some pointers that will help you to apply for chapter 7 bankruptcy properly:
- Bankruptcy should always be the final resolve and consider it only when you have no alternatives.
- Hire a bankruptcy attorney. The attorney will have the knowledge and the ability to assist you in the whole bankruptcy filing.
- There is a rule that you must attend credit counseling.
- File a petition. Doing so will prevent your creditors from getting you into deeper legal troubles.
- Finish the required paper works properly.
- All fees should be paid promptly.
- About a month after the petition, a meeting will be held. Your creditors will be present and they will ask questions about your financial situation which you need to answer. You cannot be absent from this meeting and no excuses can be made.
So all in all, when you have followed the abovementioned advice you know you are well on your way manage your debts.
About the Author:
Do you know bankruptcy? Of course not, but if you are really in dired situation, filing for bankruptcy could be the best choice. You should understand more about Chapter 7 Bankruptcy and what are the qualifying criterias so that you can benefit from it.
posted by Debt Consolidation Loan at
2:23 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home