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7 Things You Should Know About Filing Chapter 7 Bankruptcy by Cleo Gib
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7 Things You Should Know About Filing Chapter 7 Bankruptcy by CLEO GIB
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| Article Posted: 01/05/2016 |
| Article Views: 155 |
| Articles Written: 12921 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 608 |
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7 Things You Should Know About Filing Chapter 7 Bankruptcy |
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Law
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When you make the decision to file a chapter 7 bankruptcy in Tacoma, there are certain things that you should be aware of, such as the following 7 things: Changing Bankruptcy Types Let's say that you make the decision to file a chapter 7 bankruptcy. You complete the application and pay the fees. Then, you decide that you should have filed a chapter 11 or chapter 13 bankruptcy instead. Can you make the change? Yes, but you should plan on paying the difference between application fees. Application You should be aware that the application process is complicated and confusing. It requires your time and attention to make sure that everything is filed completely and properly. If you have any worries about filing the application, don't hesitate to get legal assistance to make sure that everything is completed properly. Filing by Force Creditors want to get paid. They'll continue to communicate with you to try to get their money. At some point, they may start to tell you that you should declare bankruptcy. Can they do this? Do you have to file for bankruptcy? In some instances, the answer is yes. If your creditors are demanding that you declare bankruptcy, talk to your attorney and determine the best course of action you should take. Current Monthly Income On the application, you'll be asked about your current monthly income. To determine what this amount is, you need to figure out your average income over a 6-month period. The amount should include your spousal income if you're filing together. You should also include contributions made by non-debtors. On the other hand, you should not include money received by social security or payments made to pay off debts incurred due to crimes, such as fraud or identity theft. Length of Time Some people think that a bankruptcy can be filed and completed in a matter of days. They think that they'll just need to complete an application, show up in court, and the bankruptcy will get discharged. What you'll find out is that bankruptcies can take much longer. The average time it takes to discharge a chapter 7 bankruptcy is 4 months, but it can take much longer. In fact, chapter 11 or chapter 13 bankruptcies can take several years before they get discharged. Filing Jointly If you're filing with your spouse, both of your can claim exemptions according to the federal bankruptcy laws. Make sure to read through these laws to learn more about how they can apply to your bankruptcy. You could also speak to your attorney to find out what you should know about filing jointly. Full Disclosure When filing for bankruptcy, you need to share all of the information about your debts. You should make a full list of your creditors, the amounts that you owe them, the sources of your debt, your income, the frequency in which you get paid, your living expenses, and the property that you owe. Your attorney can help you determine the best way to include all of this information on your bankruptcy. You should also be aware that once you file, you financial information will go public. All of this information can be made available. Before you make the decision to file for Chapter 7 bankruptcy in Tacoma, it's important to weigh your options. Make sure that this is the right decision for your situation. By working with an attorney who specializes in bankruptcy, you can ask any questions that you may have and learn about the application process. You can determine whether this is the right option for you or whether you should look into another type of bankruptcy.
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