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3 Facts about Chapter 7

No one aims to file for bankruptcy, let alone Chapter 7 bankruptcy, but things happen and the need could arise. Some individuals who file do so because they have found themselves in a legal battle like divorce. One way to make the process easier is to hire a chapter 7 lawyer orlando fl. By relying on their expertise, you can be better prepared to go through the filing without many setbacks and delays.

Here are three facts about Chapter 7 filing to consider.

What is Chapter 7?

Chapter 7 bankruptcy is legal process where you liquidate your assets in order to pay your outstanding debts. This means that you may sell your possessions and use the proceeds to pay your creditors. Sometimes, you can avoid Chapter 7 if you qualify for a repayment plan. Once your debts are satisfied, you can keep your possessions. A lawyer well-versed in this area of practice can offer you guidance and advise that suits your circumstances. They also help you fill out the required paperwork, provide proof and meet deadlines.

Pros

If you file for Chapter 7, the process can provide several advantages over picking other options. If you are approved, you get to start your financial life over. When the bankruptcy clears, you can sign a reaffirmation agreement and start taking on secured assets. You are protected from wage garnishments and against collection attempts. Depending on the state where you file, there may be no minimum debt requirement, and the entire process can be completed within six months.

Cons

Filing for Chapter 7 also consists of some disadvantages. If you own non-exempt property that you would like to keep, it will not be a good option. Non-exempt property is sold to help you pay off your debts. In foreclosure cases, Chapter 7 is only a temporary solution. If you have co-signors, they also must file for Chapter 7. A lawyer can help you navigate through the disadvantages that apply to your circumstances.

If filing for bankruptcy is a viable option, consider hiring a chapter 7 lawyer orlando fl.

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