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Filing Chapter 7: 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.