Chapter 7 bankruptcy is the most common type of bankruptcy within the United States of America. Basically, this type of bankruptcy does not involve filing a plan for repayment by the person declaring bankruptcy, as is the case with Chapter 13 bankruptcy. Instead, the trustee in charge of the bankruptcy gathers the non-exempted assets of the bankrupt person and sells them, using the proceeds to pay off the creditors. Chapter 7 lawyers in Fall River, MA can make the transition extremely easy for you and allow you to declare bankruptcy in a simplified manner. Here are a few ways in which the lawyers can help you.
Understanding Eligibility and Consequences
Before you can file for Chapter 7 bankruptcy, it’s important that you understand the consequences of filing the bankruptcy. Chapter 7 lawyers will first take up your case and determine whether you are eligible for filing the bankruptcy or not. You can contact a Chapter 7 attorney such as the Law Offices of Tara M. George, PC if you are planning on filing for Chapter 7 bankruptcy.
Filing the Bankruptcy
Of course, you will need Chapter 7 lawyers who are well-versed in bankruptcy law in order to help you file the bankruptcy documents and declare bankruptcy. You will need to make numerous declarations before you are able to declare the bankruptcy outright. It’s important that you talk to a lawyer first and make sure that you negotiate the terms of the bankruptcy. Once the bankruptcy documents have been filed and accepted, things are going to change drastically for you so the lawyers will also give you a brief idea about how life is likely to change.
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