How A Bankruptcy Attorney Can Guide You Through A Chapter 7 Filing Finding out how Chapter 7 bankruptcy filing works will require the help of an attorney who specializes in bankruptcy. Your attorney can tell you about the unfamiliar terms and phrases that the bankruptcy court could use. She or he should also be able to answer any queries you might have about the process and the subsequent steps you need to take. Sometimes it is tough to know what questions you should even ask because finding yourself in bankruptcy is a bit like entering a foreign country. You likely to not understand and while you think maybe you have a grasp on the situation, you will still potentially have many questions. How bankruptcy actually works can be outlined simple enough. Hopefully with this foundation you will have a better understand of what things to ask your bankruptcy attorney so that the process wonâ€™t be as foreign to you. While you might not realize it, bankruptcy court is one thing you have to endure whenever a bankruptcy petition is filed. Ruled by the United States government and not a local government agency, the bankruptcy court is a part of the federal court system. You cannot file for bankruptcy at a state level as it must be done on a federal level. A bankruptcy petition is the first thing that is filed with the federal court system whenever you decided to declare bankruptcy. This is actually the filing that starts or initiates you case. This petition will include information about your financial state including the property you own, your income and what if any debt you could have. Once the petition is registered with the court then an automatic stay comes into effect. The automatic stay stops any of your creditors from trying to collect debts you owe them. When you have filed bankruptcy they have to now go through the bankruptcy process and the court system rather than through you in order to collect. Your attorney can file with the court system should a creditor make any attempt to collect a debt from you after the automatic stay is in place. Approximately 30 days following the filing of the petition you will have a creditors meeting. Even though they are not required, any and all creditors may attend this meeting. A Bankruptcy Trustee will be there to review the accuracy of the financial information you have furnished to the courts and both you and your attorney should be present. You may additionally be reminded at this time that you are not permitted to sell or get rid of any property that you own. Any property you have not reported exempt such as the home you reside in, the Trustee will sell all property and pay off your creditors. Exempt property is the property you will be able to keep after the bankruptcy is complete. Your home, retirement assets, tools required for your work or tradeand clothes are typical items that are placed on the exempt status which can not be touched. Your legal professional is able to help you understand what property is exempt. After a Trustee sells all the non-exempt property the bankruptcy court can issue a discharge of your debt. Unless there are additional filings or challenges by creditors, from the time the petition is filed til the issuance of the discharge may take four to six months.
Charles T. Newland & Associates
How A Bankruptcy Attorney Can Guide You Through A Chapter 7 Filing You donâ€™t need to feel lost or perplexed if you are going through the process of a Chapter 7 bankruptcy. The basic steps that apply to your particular situation will be completely explained by your bankruptcy lawyer who should also be able to answer any questions you could have along the way. You'll get excellent tips and options on how to fix your debt troubles by way of filing for bankrupcty, when you see a bankruptcy attorney in Chicago. For more information on Charles T. Newland & Associates, check out their web page at http://www.cnewlandassociates.com/.
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Charles T. Newland & Associates
You'll get excellent tips and options on how to fix your debt troubles by way of filing for bankrupcty, when you see a bankruptcy attorney i...