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What You Need to Know about Chapter 7 Bankruptcy by Cleo Gib





What You Need to Know about Chapter 7 Bankruptcy by
Article Posted: 10/22/2015
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What You Need to Know about Chapter 7 Bankruptcy


 
Law
Filing for bankruptcy is not something that should be taken lightly, as doing so has significant financial ramifications for years to come. For many Americans facing mounting debt, few income prospects, and less than prosperous assets, filing for Chapter 7 bankruptcy may become a necessity. If you or a loved one is looking for a way out of insurmountable debt and financial ruin, then Chapter 7 bankruptcy in Tacoma or an area near you is a one option available to you.

Filing for Chapter 7 Bankruptcy

There are several options for bankruptcy petitions available to Americans, and it is essential to understand the basics of your options in order for you to make the best decision possible. The following list outlines the basics of filing for Chapter 7 bankruptcy, and includes everything you need to know before you file your petition:

• Chapter 7 versus Chapter 13: For those filing for bankruptcy who do not own a business or corporation, Chapter 7 and Chapter 13 bankruptcy options are available. Chapter 13 involves a restructuring of the debt, and allows the debtor to pay off the debt in more manageable payments. Because the debtor is still paying off all debt, the financial ramifications of filing for Chapter 13 are less dramatic. It should be noted that many people who file for Chapter 13 bankruptcy still find their debt unmanageable and default to Chapter 7 bankruptcy in a matter of months or years.

• When to file for Chapter 7: Those with few assets (such as a home or car), income below the state median, and unmanageable debt are ideal candidates for a Chapter 7 petition. It is important to speak with a bankruptcy attorney or another financial counselor before making a definite decision regarding which type of bankruptcy to file.

• Chapter 7 allows for an automatic stay: As soon as you file for bankruptcy you will receive an automatic stay on all debt collection. This means that your creditors are no longer allowed to pursue payment, by passive or aggressive means. For those who are being persistently and aggressively pursued by creditors in order to receive payment on debt, this automatic stay is a huge relief.

• Chapter 7 includes a discharge of debt: If your petition for Chapter 7 bankruptcy is accepted, you will have all of your debt discharged. This "clean slate" with regards to your debt does not come without repercussions, but your debtors will no longer be able to collect payments on your debt, and your debt is wiped clean. Examples of debt that cannot be wiped clean include state and federal back taxes, alimony and child support, and most student loans.

• Chapter 7 bankruptcy is not a "clean slate": Along with debt forgiveness, your assets will be sold off in an attempt to pay back some of the money owed to your creditors. This may include cars, jewelry, and even your home. Additionally, you can expect your credit to take a hit after your petition is accepted. In many cases, a Chapter 7 bankruptcy remains on your credit report for up to 10 years.

• Chapter 7 bankruptcy is not always simple: While Chapter 7 bankruptcy is often the simplest and most preferred bankruptcy petition, it is not always a simple matter to get your petition granted. There are many things you must do in order to be accepted, and it is a good idea to hire a lawyer to ensure that you are in accordance with the law and that you have all of the necessary paperwork filed properly. Additionally, a lawyer may be able to help you keep your home or other assets that are typically lost after filing for Chapter 7 bankruptcy in Tacoma or your area.

Travis A. Gagnier, Attorney at Law in Federal Way, WA will explain the benefits of Chapter 7 bankruptcy Tacoma. Visit our page on http://www.choosetherightchapter.com/chapter-7/ for more info!

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