Deciding to file for a chapter 7 bankruptcy is an important decision to undertake, but the entire process is easy to understand and go through. Chapter 7 bankruptcy, or liquidation, as it is known, involves asking the court to waive the majority of the debts you have accumulated so that you can start over again. The judge will then go over your request and determine whether or not they will accept or deny it. When your request is approved, the court will direct an order to prevent creditors from collecting payments or taking drastic measures such as repossession or foreclosure on your company or business.
The process of filing for chapter 7 bankruptcy begins when you first file a petition at a bankruptcy court with your documents. There are rare exceptions where you can file for a chapter 7 bankruptcy without filling out the required forms. Incidences such as foreclosure are where this exception is applied. You are required to file the remaining information within a period of 15 days.
There are other alternatives to filing for bankruptcy such as agreeing on a repayment plan with your creditors which will help you resolve your financial troubles. You must consult with a bankruptcy attorney who will guide you on the process you should take when filing for Chapter 7 bankruptcy. If you don’t have a clear understanding of what bankruptcy law definition is, your attorney could explain it to you word for word, for you to understand it. Chapter 7 and student loans are also other areas where your attorney could help you navigate. They could also help to check bankruptcy filings that are suitable for your situation and advise on the way forward. Your bankruptcy attorney can help you obtain a bankruptcy chapter 7 case number search for your case and represent you in it.
While bankruptcy filing comes with the stigma of being irresponsible or handling money in the wrong manner, the reality of the situation is that individuals from all walks of life experience various circumstances that bring them to bankruptcy. Some of the most common reasons individuals and families file for bankruptcy may involve loss of employment, unexpected injury or illness and increased medical bills are some of the most common reasons for bankruptcy cases. Additionally, some individuals may find that during divorce proceedings, bankruptcy may also be necessary to file jointly. However, even just identifying the reasons for bankruptcy may cause the need for assistance, and a bankruptcy attorney in Jeffersonville can help you with this and various other aspects of bankruptcy cases. In fact, if you are feeling overwhelmed, anxious, and unsure of what to do next, finding a bankruptcy lawyer in jeffersonville can be your best option.
Finding a bankruptcy attorney in Jeffersonville should be your first step, even when you are only considering bankruptcy as an option. In many cases, individuals are unaware of their true financial situation. As such, some bankruptcy attorneys may have experience or backgrounds in money management or financial planning, or may be able to refer you to an additional professional who can assist you with making smarter or more feasible choices so that bankruptcy can be avoided. However, if this cannot be completed, your bankruptcy attorney in Jeffersonville will be able to advise you on how you should proceed. One of the first things that a bankruptcy attorney in Jeffersonville will help you to establish involves the type of bankruptcy filing you should seek out. Both Chapter Seven and Chapter Thirteen bankruptcy filings have various benefits, as well as various filing requirements, which your bankruptcy attorney can help you to understand. This will ensure that you are making a sound decision regarding your finances both now and in the future.
Many individuals seek out a bankruptcy attorney in jeffersonville to assist with repossession or foreclosure proceedings, as well. Some bankruptcy attorneys may be able to postpone or stop home foreclosure proceedings, or automotive repossessions, depending on your case or your circumstances. If this is something you are interested in exploring, you should find a bankruptcy attorney in Jeffersonville who can offer you a free consultation appointment. This will provide you with the opportunity to get an idea about your options before filing.