Those that are filing Chapter 7 are looking for a fresh start to their debts. Often times this is the only way to get through the potential mounds of debt that have piled up. Although many people think badly of this filing, it really can be a necessary obstacle. For most that file bankruptcy, the bottom line is not that they are trying to get out of paying for their debts, but rather that they are looking for a way to live their lives. Chapter 7 is not a bad thing when it provides countless opportunities to those that have simply made a mistake.
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What Happens?
Many people know what bankruptcy is, but they don't realize what it actually means. First off, there are two types of bankruptcy that can be filed by an individual. First, you have Chapter 7 which will work to erase debts and give the individual or couple a fresh start without having to pay back any of the debt they owe. The second type of bankruptcy is that of Chapter 13. In this type of bankruptcy, the individual or couple will have to pay back the money, but the debt is restructured and so that they actually can pay the money back. In both cases, a black mark is placed on your credit report which will stay with you for the next ten years.
During the next years, you won't have to pay back all of the debt that you filed Chapter 7 for. Anything that is new after that point or anything that was not included is necessary to pay back. Legally the debtors that you owed money can no longer attempt to collect the debt from you. This is also a time where it will be much harder to get loans. If you do get them, they are likely to be outrageous in their interest rates.
Filing Chapter 7 is almost a necessity to many. Those that have had to deal with expensive medical bills or those that were careless with credit cards often find themselves caught, under a rock and there is no way out. It is very hard to pull out of a situation like this, especially when there is no simple solution. For many, Chapter 7 really means a new beginning and the hope of a new future without debt.
Understanding the Process
When it comes to filing Chapter 7, the process is one that is complex and takes time. You can't just walk into your attorney's office and expect to have the bankruptcy discharged. The fact is that your creditors can actually fight you on this. You can have to meet various requirements. With the new laws that are in place, you may have to really work to earn this privilege. With all of that said, will you make it through filing Chapter 7?
Hire An Attorney
While you can file bankruptcy on your own, it is much more efficient and economic to hire an attorney that specializes in bankruptcy. He or she will work with you to find the best possible solution for your needs. They will also work with you to meet with your creditors, to come to an agreement, and to file all of the legal work that must be filed in order for this to happen, without a problem.
Get Your Debts Together
The next thing that you'll have to handle is finding out who you owe money to as well as how much you owe them. You'll need to gather account numbers for those accounts and find out if anyone else's name is on those debts as well. You'll need to do this so that you can accurately clean up your debt. If something is not included in the filing of Chapter 7, you'll still be responsible for it afterwards. One way to check on what you owe is to pull your own credit report from each of the credit agencies. This will give you a good idea of who you owe money to, although it may not list everyone.
More To Do
Still, there is much to consider. For example, you'll need to determine that you are eligible to file Chapter 7. With the new bankruptcy laws in place, this can be somewhat of a challenge. Not everyone is eligible and you may have to work through credit counseling services before you actually can have your discharge happen.
Once you get through the paperwork, you'll sign on the dotted line. But, that doesn't mean that all is done. In fact, it can take three to four more months for the proper courts to decide if in fact you are eligible to file as well as if you should be granted this opportunity. If so, you will receive official word of your filing within that amount of time. The entire process can take a year or more to happen. Filing Chapter 7 is time consuming, but something that must be done nevertheless.
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