Chapter 7 Bankruptcy Lawyer
Making the decision to file for Chapter 7 bankruptcy is not easy. However, if you are struggling to pay your debt, declaring bankruptcy may be a wise choice. In order for the bankruptcy process to go as smoothly as possible, you must prepare for it properly.
Here are some ways to get ready for declaring Chapter 7 bankruptcy.
Prepare Proof of Income
First and foremost, you will have to provide proof of your income. Therefore, you should gather copies of your tax returns and pay stubs. To qualify for Chapter 7 bankruptcy, you also have to take a Means Test to prove that your income falls below the median income in your state.
Make a List of Your Assets
If you want to declare Chapter 7 bankruptcy, you will also be required to prepare a list of all your property and how much that property is worth, including homes and vehicles. You do not have to worry about listing each household item you own, as smaller items are usually grouped together in your bankruptcy forms.
Gather Copies of Credit Reports
The next step you have to take is obtain copies of your credit reports, which will contain a list of all your creditors. This report will help you avoid forgetting creditors on your bankruptcy. If you do not include every creditor on your bankruptcy forms, it could delay your case.
Complete a Credit Counseling Course
Before a judge can approve your bankruptcy, you must first complete a credit counseling course. In this course, you will learn if you need to file for bankruptcy in the first place. A counselor will assess your income and expenses and inform you of all your options. He or she will also help you develop a budget. You can take this course online or over the phone.
Keep in mind that you will have to pay a court filing fee for Chapter 7 bankruptcy. If you hired a bankruptcy lawyer to assist you with your bankruptcy, you will also be responsible for coming up with attorney fees. Lawyers generally charge a flat fee for Chapter 7 bankruptcy.
If you are thinking about filing for Chapter 7 bankruptcy, you should schedule a meeting with a Chapter 7 bankruptcy lawyer, like Carolyn Secor P.A., as soon as possible to discuss your case in detail.