If you are thinking about declaring chapter 7 bankruptcy, you should talk to a lawyer to find out your options. Though you can technically file without legal help, it is best to get it. Learn a few questions you should ask a lawyer of before you file so you can get the results you need.
You first need to make sure you are even eligible for this option. Not everyone is because you have to make under a certain amount of money. Your attorney should have the updated information regarding how much you can make to file for chapter 7 bankruptcy. It changes based on your state, and you need to make sure you have the updated information or you might be wasting your time when you find you actually make more than your state's median income. Even if your income is a little higher than average, though, you might still be able to file, which is why you need to talk to your attorney. Plus, he or she can tell you whether chapter 7 bankruptcy would actually benefit you.
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You will need to know which debts you can roll into the case. There is no point filing if you find out your debts do not qualify. In most cases, you should include old medical bills and credit cards, which are considered unsecured debts. But you can also likely include your mortgage or car loan. You just need to make sure you continue to pay on time, and you may need to make sure this arrangement is okay with your creditor first. If you do not continue your payments, your assets may be repossessed or foreclosed on, so this is an important detail to know.
Similarly, you may need to know what you can keep during chapter 7 bankruptcy. You may decide to keep paying on your home and car loans, in which case you can likely keep those assets. However, if you have a few cars already paid off, the trustee may decide you need to sell at least one and give the money to your creditors. The same goes for savings accounts, vacation homes, and any other items the trustee deems unnecessary when you are bankrupt. Do not expect to be able to keep many luxury items during the process if you want to use this route to get rid of debt.
If you want to find out more about chapter 7 bankruptcy, you need to talk to your lawyer. You may find out after one meeting this option is not for you, in which case you can consider other chapters instead. But many people find it will work out for them as long as they qualify and stick to the rules.
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