David S. Clark is an experienced Auburn and Opelika Bankruptcy Attorney that understands the intricacies of Chapter 7 Bankruptcy.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a type of bankruptcy that allows any Auburn or Opelika Resident to discharge debt involved with medical bills, signature loans, credit cards, or any other unsecured debts.
If you are an Auburn or Opelika resident struggling with a lot of debt or difficult financial times, Chapter 7 bankruptcy could provide the fresh start you need.
Ultimately, chapter 7 bankruptcy will help you liquidate a portion of your assets in order to pay off creditors. While the process sounds simple, bankruptcy can be a complicated and stressful action that requires the knowledge of a professional Bankruptcy attorney.
David S. Clark is an experienced bankruptcy attorney that understands the stress that comes with financial hardship. For more information on Chapter 7 bankruptcy and how you can navigate the weight of debt, contact David S. Clark today!
DISCLAIMER: The following blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.
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What Happens When I File for Chapter 7 bankruptcy?
One of the great benefits that bankruptcy provides is a court-ordered action known as the Automatic Stay which stops all forms of debt collection from creditors, immediately.
Yet, before you file for bankruptcy it is important to know that bankruptcy does not mean the end of your finances forever. Rebuilding your finances is hard, but having the support of an experienced bankruptcy attorney could provide the help you need to do it.
When you decide to file for bankruptcy, you will need to sign a petition and file it with your local bankruptcy court. This petition includes a detailed list of your creditors, the nature and amount of their claims, your income, and assets, as well as a layout of all of your expenses.
After you file for bankruptcy, an appointed trustee will go over your creditors and their claims, the source, frequency, and amount of your income, all of your property, and a detailed list of all of your expenses in order to remove any suspicion of fraud.
How Do I Qualify For Chapter 7 Bankruptcy?
Qualifications for Chapter 7 Bankruptcy begin with the submission of your average income, along with any assets or unexpired leases that you have. Your bankruptcy attorney will then go over any property that you have to help you liquidate your assets.
In the midst of bankruptcy, there may be necessary assets that are unable to be liquidated. This means any liquidation of those assets will cease and creditors will need to be reaffirmed that you owe the amount of any necessary assets. If the amount you are trying to reaffirm is large enough, or if you are trying to reaffirm multiple unsecured debts, Chapter 7 bankruptcy may be disapproved.
What can a Bankruptcy Attorney do for Me?
David S. Clark is an experienced Auburn and Opelika Bankruptcy Attorney that understands the intricacies, complications, and stress that bankruptcy presents. If you need help navigating Chapter 7 bankruptcy, contact David S. Clark today!
DISCLAIMER: The above blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.