There are times in life which will be more challenging than others. One of the more stressful times is when you can’t pay your debt. Job loss, divorce, or many other life changing events can cause this situation to arise. It may be in your best interest to consider filing for bankruptcy with the aid of Chapter 7 bankruptcy attorneys in Wetumpka, AL to assist you.
What is Chapter 7?
Bankruptcy is a legal status which must be approved by a court of law. This bankruptcy type is geared toward individuals to assist in repaying creditors the debtor can’t currently pay.
This is a simpler type of bankruptcy and will allow for faster results. Studies show 65% of bankruptcies filed have been done with Chapter 7 bankruptcy. This proves the level of satisfaction of relying on this bankruptcy.
The Filing Process
When it comes to being successful at filing for bankruptcy, it is important to abide by the legal filing process. Bankruptcy is a legal status and must be approved by a court of law. By retaining the assistance of Chapter 7 bankruptcy attorneys, you will allow for proper legal filing for this bankruptcy type.
The information you will need to provide to your attorney regarding a Chapter 7 bankruptcy is listed below:
1. The amount of your income on an annual basis. This will determine your eligibility for this bankruptcy type. Be certain to include proof of your income by way of several old pay stubs or W-2.
2. The amount of debt owed and the creditors owed. If you have more than one debt or owe more than one creditor, be sure to list these individually.
3. Monthly expenses must be included and these can range from rent to car insurance on a monthly basis.
It is important to provide accurate information to your Chapter 7 bankruptcy attorneys to assist you, allowing for quicker and more successful results. By achieving this legal status, you can get relief from debt you simply can’t pay and restore your peace of mind. While this type of action will stay on your credit record for a number of years, restricting your ability to achieve future credit opportunities, the chance to start anew, erasing the years of bad decisions and unfortunate financial situations is opportune.
