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Chapter 7 bankruptcy, also referred to as “liquidation bankruptcy” is a way to eliminate your current debt and get creditors off of your back. If you are behind on your current bills and have debt collectors continuously harassing you, then you may want to contact a lawyer specializing in bankruptcy. Chapter 7 will give you a fresh start, free from all of your debt. It is important that once you have filed bankruptcy, you must change your lifestyle to ensure you do not end up with debt you are unable to repay. However, it is important that you turn to bankruptcy as a last resort. After you have exhausted all other avenues of freeing yourself from your financial hardship, then you may want to consider filing Chapter 7 bankruptcy. This is especially true if you fallen behind on your bills because you have lost your job. With Chapter 7 bankruptcy, you will need to liquidate your assets in order to repay your creditors. There are a few assets that may be exempt from liquidation. This is where a bankruptcy lawyer can help guide you through the entire process. The lawyer can examine the source of your debt and provide advice and recommendations. For example, there are certain types of debt that cannot be discharged via any chapter of bankruptcy, so if that type of debt is one of your big problems, bankruptcy is not going to help. When considering bankruptcy, a lawyer who has experience with bankruptcy can help guide you through the entire process. They can help you file all of the needed paperwork with the courts and see your best interests are looked after. With the complexity of bankruptcy law, especially with the major sweeping changes to those laws in recent years, this is not something you would want to attempt by yourself without some experienced guidance. In fact, the majority of people who have used a bankruptcy lawyer state that they saved much more than the attorney's fees in terms of what they were able to save in the process and what they did not need to liquidate. In most cases, your bankruptcy case should take approximately six to eight weeks to be resolved. As well, you will need to pay a variety of filing and processing fees in order to get the bankruptcy underway. A trustee will be assigned to your case through the courts. He or she will collect your non-exempt assets in order to sell them off. The money that is made from selling off your assets will then go to your debtors. The amount they receive will be considered payment in full. Not everyone is eligible for Chapter 7 bankruptcy. Anyone who has completed Chapter 13 bankruptcy within the last 8 years cannot file for Chapter 7. There are other situations where a person is not eligible for bankruptcy. Again, this is where a bankruptcy lawyer can be extremely helpful. Just be sure to choose a reputable lawyer, who is well versed in your state’s laws. No one likes to think they will need to file bankruptcy. However, circumstances can arise that require you to file bankruptcy. Before filing, make sure that you have exhausted all of your other options. Once you have filed Chapter 7 bankruptcy, you can then begin your new life, free from overwhelming debt. For more insights and additional information about Chapter 7 Bankruptcy as well as getting a free bankruptcy evaluation from a qualified bankruptcy lawyer in your local area, please visit our web site at http://www.bankruptcy-data.com/review-of-chapter-7-bankruptcy.php
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