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Affordable Chapter 7 Bankruptcy

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Chapter 7 Bankruptcy is a powerful tool that can clear away multiple types of debts. If you find yourself falling behind on your bills and you’re unable to afford your living expenses or make monthly payments, filing for bankruptcy could be your last option to fix your financial issues. Experts from Upsolve estimate that over 39 million Americans have filed for Chapter 7 bankruptcy, so it’s a lot more common than you would think.

 

How Does Chapter 7 Bankruptcy Work?

To begin, you must file the proper paperwork for a Chapter 7 Bankruptcy. These forms include questions about how much you earn, how much you spend, what you own, and how much money you owe others. You’ll have to submit these forms to a court along with any tax returns or paystubs you have if you hold a job.

 

When you file a Chapter 7 Bankruptcy, the court will put a hold on your current payments. Creditors can not legally collect from you, foreclose your home, take from your wages, turn off your utilities or evict you during the bankruptcy process.

 

The court will then assign you a bankruptcy trustee. This person oversees reviews all of your submitted files, such as your assets and finances, and will be with you for the entire process from start to end. If the trustee can, they’ll sell off certain assets to repay creditors. What can or cannot be sold to creditors varies by state, so it’s essential to check your state laws.

 

The entire bankruptcy process can take anywhere between three to six months from your initial filing date. Once it has been processed and approved, the court will discharge the rest of your debt. At that point, you don’t need to continue paying your creditors anymore. It’s important to note that some debt will not go away, including student loans, child support, alimony, or court fees.

 

Who Can File for Chapter 7 Bankruptcy?

If you have any of the following, you are eligible to file for Chapter 7 Bankruptcy:

  • Your average income during the last six months is less than the median income for a same-sized household in your state
  • Pass the Means Test, which compares your income to your payments
  • You have completed a counseling course from an approved credit counseling agency within 180 days before filing
  • You did not filed Bankruptcy in the last eight years.

 

While most people can file for bankruptcy, it doesn’t mean that you should. Chapter 7 bankruptcy can leave a mark on your credit scores for up to ten years. It will be hard to get credit, affecting your ability to get a house, car, or credit card.

 

What Debts Can Be Discharged with a Chapter 7 Bankruptcy?

A Chapter 7 Bankruptcy can discharge most credit cards, personal loans, and medical bills. However, bills like child support, student loans, tax debt might not be discharged with a Chapter 7 Bankruptcy.

 

Contact a Bankruptcy Attorney Near You

Filing for a Chapter 7 Bankruptcy can be a little confusing. Unless you are familiar with the process and paperwork, it’s easy to make a mistake. You want a professional Bankruptcy attorney on your side to support you and provide simple solutions to your big financial problems. Click here to connect with us about your bankruptcy case.

 

 

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