CHAPTER 7 BANKRUPTCY – UNDERSTANDING THE BASICS
When an individual files a chapter 7 bankruptcy, a trustee is appointed to review and liquidate the assets owned by the debtor. Chapter 7 bankruptcy lawyer Virginia explains that assets, not protected by an exemption, are liquidated to pay the creditors and once all the proceeds are exhausted, the remaining debt is discharged. If you are heading towards insolvency, check out the Law Offices of SRIS, P.C. to guide you on the Chapter 7 bankruptcy lawyer Virginia.
Steps involved in filing a chapter 7 bankruptcy
- Preparing Financial documents
Chapter 7 bankruptcy lawyers Virginia state that, collecting and preparing financial documents including credit card reports, income tax return records, etc… is the first step that an individual must take.
- Filling the Bankruptcy form
Get help from an experienced chapter 7 bankruptcy lawyer Virginia, to fill up the insolvency petition form.
- Certification on Credit Management
You will need to attend counseling on credit management. The lawyer Virginia explains that the session might last up to 60 minutes and towards the end, you will be given a course completion certificate that needs to submit to the court.
- Filing the bankruptcy
Around 80% of the job is complete when you file the insolvency via mail, online, or in person. If you have a chapter 7 bankruptcy lawyer Virginia to represent you, then you can ask them to file it on your behalf.
- Mailing documents to the trustee
The lawyers in Virginia emphasize sending a copy of all documents to the trustee assigned to oversee your case.
- Certification on Finance Management
You need to do certification in Finance Management. The lawyers in Virginia explain that once the 60-minute session comes to an end, you will be given a certificate to be submitted to the court.
- Trustee Meeting
Chapter 7 bankruptcy lawyer Virginia states that the trustee will arrange for 5-10 minutes “341 meeting”. They will ask you questions related to your assets and documents.
- Official Discharge letter
Chapter 7 bankruptcy lawyer Virginia states that, after the trustee liquidates the assets and distributes them to the creditors, the remaining proceeds will be discharged. You will receive an official letter of discharge after 2-3 months.
How to Choose a Chapter 7 bankruptcy lawyer Virginia?
It is nearly impossible to handle all the filing procedures alone; retaining a good Chapter 7 bankruptcy lawyer in Virginia will be the right choice.
Here are a few basics to keep in mind while choosing a Chapter 7 bankruptcy lawyer Virginia:
- A good Chapter 7 bankruptcy lawyer Virginia will help make the right decisions
The lawyers in Virginia will suggest different ways to address your debt; they will correlate various factors and help you decide whether you need to file a Chapter 7 bankruptcy or not.
- Don’t let the attorney’s Fees misguide
Don’t choose a Chapter 7 bankruptcy lawyer in Virginia based on his fees. A low-fees doesn’t mean they are considerate and would offer good service; they might not include services that are quite important while filing insolvency. So, choose a Chapter 7 bankruptcy lawyer Virginia based on his experience and not his fees.
- Take full advantage of the initial consultation
Make sure to treat your consultation with the Chapter 7 bankruptcy lawyer Virginia as a job interview. Ask all your doubts and get a reference of his old clients. The Chapter 7 bankruptcy lawyer Virginia you choose, must be specialized in the policies related to insolvency.
What are some of the Pros and Cons of Chapter 7?
- The court orders an “automatic stay” once you file insolvency. So, the creditors will not have the right to force you or even ask you to pay the debts.
- Your creditors cannot ask for your future wages. You can keep the paychecks to take care of your family’s needs.
- All your assets that are protected by an exemption, will remain yours no matter what.
- Most importantly, you receive a fresh start and you get a second chance to get your financial priorities right.
- Not everyone can file insolvency. Only those who pass the insolvency means test analysis, can file.
- Items not protected by an exemption will be subjected to liquidation in order to repay your creditors.
- The court’s docket is open for all to look up for information. So, it becomes a public record once you file a Chapter 7 bankruptcy
Make sure to hire an experienced Chapter 7 bankruptcy lawyer Virginia who will educate on important matters associated with filing insolvency. The Law Offices of SRIS, P.C., is your one-stop solution to get quick relief from the burden of debt.