Do you have unmanageable debts? Is the prospect of paying your monthly credit card bills giving you sleepless nights? Are you having a tough time meeting monthly living expenses and loan repayment bills? If your debt burden has become too much for you, you may have considered filing for bankruptcy.
You would know that you can file for bankruptcy under chapter 7 or chapter 13. There are criteria that you have to meet to be eligible for both. If you are not eligible for chapter 13 bankruptcy, you could consider chapter 7. This is where chapter 7 bankruptcy information can help you get started with the process.
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First off, what does filing for bankruptcy under chapter 7 entail? Simply put, you can use some of your assets towards paying off your debts. If you qualify for chapter 7 bankruptcy under the benchmarks specified by the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), you can cash out all your assets that are not exempted and use the proceeds to pay off your debts. This is not as easy as it sounds and when you go through chapter 7 bankruptcy information, you will find that the process is quite involved.
The BAPCPA regulations require the information to be filed by an attorney who is responsible for the information reported. So you will need to get a lawyer to represent you and may have costs associated with it as the longer the lawyer works on your case, the more legal fees you may have to pay. Having chapter 7 bankruptcy information handy can be really helpful if you want to understand the effects of bankruptcy on your future.
Once the lawyer has certified your income and assets, and established the need for filing for chapter 7 bankruptcy, a bankruptcy trustee will take charge of your non-exempt assets and create a trust to administer the property and handle creditors and asset liquidation. If you have chapter 7 bankruptcy information, you will know that you will need to attend credit counseling sessions with a trustee-approved agency. Your bankruptcy will be reported to principal credit agencies and your FICO scores may take a beating.
Once you have all the chapter 7 bankruptcy information that you need, you can go about the process, which is likely to last for 3 or 4 months. With good fiscal management, you may be able to manage your finances better, post bankruptcy.
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