Filing for bankruptcy is seen by many people as an opportunity to get a financial fresh start. It is a step that many people or businesses that owe a lot of money and are unable to repay to protect their personal assets from seizure as well as to stop lawsuits from their debtors. To file for bankruptcy, there are certain conditions that you are supposed to fulfill. You can only know how to follow the right procedure if you hire a Chapter 7 Attorney in Berwyn IL.
Filing the petition
The first thing that a bankruptcy lawyer does is checking whether you do qualify to file for chapter seven. In case you do not qualify, they will advise you to try other options such as chapter 13 or to sit down with the debtors and come up with a repayment plan. However, if you do qualify, they will help you in filing an official petition. Below are some important things you should know about the process of filing for bankruptcy.
* You will have to list down all your assets
* You will need to list all the debts that you have
* You will have to provide some recent financial history
The lawyer will help you avoid making the common mistakes that lead to complications in the process of filing. If the court decides that you have a strong case, he will move to stop your creditors from trying to sue you or attempting to seize your property.
People that should file for chapter 7
Chapter 7 is the ideal way to get out of problems such as huge medical bills or huge credit card debts if you do not own a lot of properties, and possess below stellar credit. If you happen to have the above characteristics, you are an ideal candidate for a chapter 7.
These are basically the most important things that you are supposed to know about getting a Chapter 7 Attorney in Berwyn IL. Note that while filing for a bankruptcy may seem like a quick way out of debt, it will have far reaching effects on your financial records. To get guidance on the options open to you, visit the website.
