Chapter 7 bankruptcy is not something most consumers want to find themselves considering. However it's not uncommon in today's hard economic times to see more and more people struggling to survive financially and considering the option of chapter 7. Many people grew used to living above their financial means with upgrades to their homes, extravagant family vacations and spending sprees that used up their credit as fast if not faster than their paychecks would keep up.
But when jobs were plentiful and credit was easy to get, it wasn't hard to live the life of Riley. The days of free and easy spending however are over. With the unemployment rate rising and jobs not coming back as fast as many financial advisors had hoped, the economy is in rough shape. What that means for consumers however is that they too are in rough shape.
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Some consumers were hit with a double whammy. That is they not only saw their home value decline but they also experienced a job loss. With a loss of income many people are left wondering how they will ever get a handle on their snowballing debt. Even after drastic and stiff cutbacks in spending many people still cannot make all of their bills. Years of living beyond their means has left many people struggling to continue to pay for the party long after the party has ended.
Economic failure at some point becomes a viable option to stop the harassing phone calls of creditors and a means to end the stress of dealing a snowballing mountain of debt. Chapter seven is a liquidation process. It is important that individuals who are considering this type of bankrupt discharge recognize that there is the potential that they will lose some property under this filing.
There are five types of bankruptcy with chapter 7 and 13 being the most common types that are used. However common does not mean simple and because economic failure is so complex and can have long reaching effects it is vital to have a lawyer. A bankruptcy will stay on the consumer's credit for ten years and consumers are only allowed to file a case every eight years. Because of its complex nature many states in fact will require consumers to have an attorney in order to file for bankruptcy.
A professional knows the ins and outs of bankruptcy and can advise clients what property is exempt and help them through the process. Before even visiting an attorney for a consultation clients can get ahead of the game by preparing a list of all living expenses for themselves and dependents and then a list of debts including the interest amount on loans. A lawyer can go over this information in depth and advice if a chapter 7 will offer the debt relief needed and prepare clients for the potential loss of property and assets to creditors.
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