3 Necessary Measures For A Flawless Chapter 7 Application
Filing bankruptcy is a big decision that may have lasting ramifications. Therefore, you need to take your time to prepare and organize everything before filing. First, contact a legal advisor to know what you should do to prepare. Depending on your situation, they may recommend that you take the following measures to enable you to have a flawless chapter 7 application.
Get Legal Information
The first step to a successful chapter 7 submission is understanding the process. So, you need to contact a bankruptcy attorney immediately after deciding to submit your paperwork. Note that they will assess your situation to determine whether you can declare bankruptcy under this chapter. If you can, they will guide you through everything so that you understand what to expect. Moreover, they will explain the advantages and disadvantages of filing for bankruptcy under this chapter to let you know whether it's the right option. If it is, your lawyer will double-check everything to ensure success. However, if chapter 7 is not the best solution for your situation, your attorney will recommend a chapter that will solve your financial problem.
Hire a Legal Advisor
Legal advisors offer invaluable assistance to people who are struggling with debts. This includes negotiating with creditors to convince them to offer better repayment terms. However, if that fails, lawyers assist debtors in filing bankruptcy before creditors get permission to take legal action against them. This explains why you should hire an attorney when you decide to declare bankruptcy. They will guide you through the process to ensure that you don't make mistakes that might lead to a denial. They will also represent you in your case to convince the court to approve your request. Ultimately, this will enable you to have a manageable way to clear your debts and get started on the path to financial recovery.
Gather Financial Documents
If you decide to declare bankruptcy, your lawyer will help you prepare to ensure approval on your initial submission. As such, they will start by asking you to gather financial documents to support your case. This includes credit statements, medical bills, bank statements, car payments, student loans, and mortgage information. Note that your attorney will want you to have as many documents as possible to ensure you have everything the court requires. Ultimately, this will prevent issues that might delay the process or make you fail to qualify for bankruptcy.
These three steps above will ensure you're as prepared as possible to file chapter 7. But, most importantly, contact a bankruptcy attorney immediately when you decide to file your paperwork. They will assist you in each phase to enable you to have a flawless process from the beginning to the end.
For more information, contact a chapter 7 bankruptcy attorney.