A Few Things to Know Before Filing for Bankruptcy Under Chapter 7
At some point, it will generally become clear that some type of action must be taken. When debts have become especially burdensome and no alternative seems available, filing for Chapter 7 bankruptcy can be the best option of all.
A Chance to Start Fresh for Many Troubled DebtorsIn the distant past, debts used to follow those who incurred them for life unless they were satisfied as originally agreed. Debtors' prisons and other forms of punishment were eventually done away with when it became clear that they contributed very little of positive value.
The federal government finally became determined to create legally enshrined options for debtors whose financial situations had deteriorated past the point of no return. Chapter 7 of the federal bankruptcy code details a system under which most personal debts are typically forgiven.
Naturally enough, obtaining this potentially profound type of relief does require some effort and sacrifices. Hiring a bankruptcy lawyer will normally be the best way to ensure that the process will be completed as smoothly as possible.
Attorneys Make All the Difference for Many Who File for BankruptcyAsking "How do I hire a bankruptcy lawyer?" can easily prove to be the most important move of all for a debtor who needs protection. An attorney will make a successful bankruptcy filing under Chapter 7 a lot more likely by addressing important issues including:
Exemptions. Many types of personal property and assets are eligible for liquidation under Chapter 7. At the same time, there are also many that are shielded, and lawyers will be well positioned to identify these.
Objections. Not every Chapter 7 proceeding goes as smoothly as might be hoped. An attorney will be more likely than a client to successfully counter any objections raised by creditors and other stakeholders.
By providing assistance with such matters and others, attorneys regularly prove the value of their services to clients who retain them for help with bankruptcy. In most cases, the relatively modest investment made to secure the services of a lawyer will be easily repaid.