Filing for Chapter 7 Bankruptcy

Chapter 7 Bankruptcy Lawyer

When it comes to filing for Chapter 7 bankruptcy, you want to make sure you have all the information you need before making a final decision. While it is possible to file on your own, it can be incredibly valuable to have an attorney on your side to help you figure out if this is the right move for you. If you are deciding between Chapter 7 and Chapter 13 bankruptcy and are not sure of what to do next, please reach out to an attorney now. They care about their clients and want to make sure they are making the best financial decision for their specific situations.

A Few Questions to Ask Yourself

When it comes to determining whether you should file for Chapter 7 bankruptcy, it can help to ask the below questions.

  1. Would you be forced to give up property you are not willing to part with?
  2. Will filing for Chapter 7 bankruptcy specifically help take away enough of your debt?
  3. Are creditors able to take away your property or income if you do not file for Chapter 7 bankruptcy?

When you speak with one of our trustworthy attorneys, it is important to go over these questions to help determine if this is the right path for you.

What kind of property do you have?

The type of property that you have is very important when it comes to bankruptcy. For example, if you only have a few household items (like furniture) and do not have a particularly expensive car, you may find that a creditor cannot collect from you and that you do not need to file for bankruptcy. If you also do not have a job and the only income you have comes from Social Security, creditors can also not take this from you.

On the other hand, if you have valuable assets—a very nice car, nice property, expensive assets—collectors can come after you. Especially when a creditor files a lawsuit against you, you want to ensure you have an attorney helping you with your bankruptcy case and lawsuit. If you do file for bankruptcy while a lawsuit is pending, it is possible that you can avoid liens placed on your property.

Items You Can Usually Keep When Filing for Chapter 7 Bankruptcy

There are certain items you can usually expect to keep when you file for Chapter 7 bankruptcy. These are:

  • Household Appliances
  • Pensions
  • Automobiles
  • Needed Household Furnishings
  • Reasonable and Necessary Clothes

Filing for Chapter 7 bankruptcy can seem daunting, but an attorney can make you feel more comfortable with this decision and help you determine if it is right for you. For more information on filing for bankruptcy, please call a law office as soon as possible.

Source: Chapter 7 Bankruptcy Lawyer Tampa, FL, Law Office of Michael A. Ziegler, P.L.

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