Steps involved in filing Bankruptcy chapter 7

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Steps involved in filing Bankruptcy chapter 7

Are you out of your job or facing any difficulty regarding your financial condition? I mean you are not able to pay off your debts or your creditors frustrate you all the time. Had they started visiting your house? Did you feel ashamed whenever they visit your house? I know you want to pay their debts but you are helpless. Well, according to me you are not helpless if you have some property.

You will be able to pay off your debts by filing for Bankruptcy under Chapter7. Now you might wish to know about the Chapter7 Bankruptcy. Before knowing the steps of filing Chapter 7 you should know what bankruptcy is? Bankruptcy is said to be a legal situation in which a person or a company fails to meet his debt obligation and files bankruptcy in the court and the court agrees to help that person in paying of his debt.

Under this chapter, a person who is not able to pay the debt will be able to pay off his debt by selling his property. Filling for Chapter 7 Bankruptcy includes following steps:

In first step, you must determine whether this is the right option for you or not. If you feel this step right then go for it.
After making your mind, find out if you qualify for this chapter. The qualification will depend on your income statement and your family size. For knowing whether you are qualified or not what you have to do is to fill a federal form called ‘the means test’. This form will help you know about your qualification.
Start searching for an Berkley Bankruptcy attorney. The lawyer will help you regarding your case and with the legal proceedings.
After that, file a petition or request for that in your district court.
Now fill the other necessary paper work and submit it in the court along with the schedule of assets and liabilities, current income and expenditure and other financial things. The lawyer will tell you more about Chapter7.
Provide your Trustee the copy of pay taxes and pay advice.
After 30 to 40 days of petition when the petition will be signed a meeting of creditors will be held. You will have to attend this meeting. In this meeting the creditors will generally ask you few questions regarding your financial condition and also about property which generally happens in this kind of meetings.
Submit certificate for compilation as instructed in the correspondence to you.
Wait for final correspondence saying that you debts are discharged.
After all this process, you will get yourself discharged and feel relaxed. Now you are ready for a new start with your life.

Though Chapter 7 Bankruptcy can be painful as you are to part with a part or whole of your property, but allows you to have a fresh start. During the whole chapter 7 bankruptcy proceedings the role of Berkley Bankruptcy lawyer remains quite important. So, for the services of qualified Bankruptcy attorneys in Berkley you can refer KorbLaw.com. If you want any information regarding this then you must visit www.korblaw.com


About the Author:
Michael Brown is a renowned article expert working for KorbLaw.com.  For any help regarding Bankruptcy issues you need to contact an expert Berkley Bankruptcy lawyer.  Berkley Bankruptcy advisors are well informed of all the pros and cons concerned with Berkley Bankruptcy laws.
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