Frequently Asked Questions For Chapter 7 Bankruptcy Attorneys

Deciding whether to file for Chapter 7 bankruptcy can be a difficult decision. You want to make the right decision for you and your situation, but you probably have a lot of questions that need to be answered before you make that decision. Meeting with a Memphis bankruptcy attorney is a good way to take a closer look at your situation and determine if Chapter 7 is right for you. First things first, here are some of the most common questions people ask their attorneys regarding Chapter 7.

Who can submit?
Individuals, partnerships, and corporations can all file for Chapter 7 bankruptcy. If they have difficulty finding a way to resolve their financial problems and pay off their accumulated debts, they will make the decision to file for Chapter 7. Whether you're filing for yourself or your business, filing for Chapter 7 bankruptcy can help ease your financial situation.

What does "liquidation chapter" mean?
Chapter 7 is different from Chapter 13 bankruptcy because it is known as a liquidation chapter. What does that mean? In Chapter 7 bankruptcy, your assets pass into the hands of a trustee appointed for the bankruptcy. Any property in your estate that is considered non-exempt may be auctioned off to pay off a portion of your debt. An attorney can help you determine which property is considered non-exempt and which items can be protected from auction when you file for bankruptcy.

How much does it cost?
It usually costs about $299 to file for Chapter 7 bankruptcy in court. You can also pay in installments over 120 days. If you choose to hire a lawyer, you will also pay them, but research what you will be paid depending on the type of bankruptcy, where you file, and the complexity of your bankruptcy plan. Consult an attorney to determine how much you should pay. You may not think you can afford a lawyer to help you, but you'll find that legal assistance is essential to resolving your bankruptcy as quickly as possible.

Where do I submit it? All documents must be filed with the bankruptcy court clerk's office in the county where you reside and own property. If you hire an attorney, your attorney will walk you through the paperwork to make sure it is completely and accurately filled out before you submit it to the court. When should I submit my application?
You can only file for Chapter 7 bankruptcy once every eight years. Speak with an attorney about the best time to file a lawsuit based on your situation. You must begin filing your return after you have received your income taxes and used other assets such as inheritances, life insurance, and divorce payments. If your bankruptcy is more complex, it may take up to four months or more to resolve everything. This is usually the case for large properties and businesses. Once you have answers to these frequently asked questions, you should have many more specific questions to ask an experienced Memphis bankruptcy attorney. Please take the time to schedule a consultation with a reputable attorney in your area who has extensive experience processing Chapter 7 bankruptcy. Once you have decided to hire an attorney to interview with you, you can complete the paperwork and begin gathering the documents you need to submit as soon as possible. If Chapter 7 is appropriate, you should seek to file and dismiss your case immediately.

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