While debt is something most everyone faces at some point in their lives, it can sometimes become overwhelming and almost impossible to get out of. It is wise for debtors to consider contacting their creditors to determine if satisfactory repayment plans can be put in place. If a debtor finds they are unable to overcome their debt, it can be beneficial for them to seek help from the chapter 7 bankruptcy attorneys .
Chapter 7 is a bankruptcy option that is most beneficial for those who have unsecured debts, such as credit card debt. This process involves the debtor first going through a means test, which is an official investigation into the financial status of an individual to make sure they meet the requirements and truly are unable to pay their debts. If they pass the means test, the individual’s bankruptcy may be approved.
Once an individual has hired the chapter 7 bankruptcy attorneys, they will go through the process of approval. A court-appointed trustee is placed over the bankruptcy and is charged with the responsibility of making sure the creditors are paid or the debts are absolved. In a chapter 7 bankruptcy, certain debts can be absolved and a debtor may be required to surrender all non-exempt assets so they can be liquidated to pay off debts owed.
The process for settling debts through chapter 7 typically takes around six months or less, depending on the level of debt and assets. This plan can help individuals overcome their excessive debts so they can start a new financial chapter in their lives.
Those who are dealing with unsecured debt need to meet with an attorney and bring in their financial records so the attorney can determine if chapter 7 will be a viable option for them. It is imperative debts are not ignored because a person’s financial situation can worsen due to collection activity.
If you feel as if you are drowning in debt and would like legal help and advice, visit Stlbankruptcyfirm.com. They are a bankruptcy firm that helps their clients legally overcome their debt and protect their property from seizure. Call today so they can schedule your consultation appointment.
Like us on Facebook!