Chapter 7 BankruptcyWhat people should bear in mind when filing Chapter 7 Bankruptcy?

September 15, 2016

People who have been struggling with their finances should know that there are legal ways for them to possibly recover from their overwhelming debts. One of the ways individuals may do to possibly have a new start is to file for Chapter 7 Bankruptcy. While this kind of bankruptcy is considered to be the most effective way for many individuals, below are the things that they need to think about before filing:

  • Individuals are often not allowed to file for Chapter 7 if they have a relatively high income or they have not considered undergoing credit counseling.
  • Individuals who have filed for Chapter 7 should know that the process will result in the liquidation of many of their personal belongings.
  • Filing for Chapter 7 can become a complicated process depending on the creditors seeking repayments and biased bankruptcy trustees.

In the tough situation that you have decided to file for Chapter 7 Bankruptcy, working with a skilled lawyer could be beneficial if you are unaware of the often confusing legal terms. If you are in such situation in Birmingham, a lawyer at the Greenway Bankruptcy Law, LLC may work for you. Find out how we might be able to help you have a fresh financial start today by calling (205) 324-4000.

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