The Five Most Common Questions About Chapter 7 Bankruptcy — and Their Answers

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When filing bankruptcy, your best bet is to work with the best bankruptcy law firms as they can help you throughout the process. They can do this by answering questions that you may have, including, “What’s filing for bankruptcy at 20 like?” You can also get some information from the internet by making searches like, “Who is a financial advisor bankruptcy?” or even, “How to go about filing bankruptcy at 22.” The more information you can gather about the process, the easier it may be for you to make a good call.

If you find a dependable bankruptcy lawyer with whom to work, you may even be able to go through your bankruptcy by phone without leaving out any important details. As such, the process need not be stressful for you and leave you unsure of what to expect. You can plan the entire process out with the help of a professional and even make plans for the future as far as your finances are concerned. As a result of taking these steps, you can safeguard your hard-earned money down the road and avoid ending up in a similar situation to the one that you are in at the moment.

Bankruptcy is often seen as a last resort way to get relief from unmanageable debt — because it is. If you are finding yourself unable to pay for your debts each month in addition to your living expenses, you might be better off filing Chapter 7 bankruptcy, which gives individuals a fresh financial start and relief from most debts. If you don’t know very much about bankruptcy, don’t worry — finding more information is easy.

Here are the top five questions asked about Chapter 7 bankruptcy — and their answers:

Q: What is Chapter 7 bankruptcy?
A: As stated before, Chapter 7 bankruptcies give individuals a fresh start with their finances by completely forgiving most debts. In order to pay for these debts, it’s often required of a person to surrender nonexempt properties and assets. However, most people who file Chapter 7 bankruptcy are able to keep most, if not all, of their property and belongings.

Q: Do I need to hire a Chapter 7 bankruptcy attorney?
A: No — but you should. Hiring an attorney who specializes in bankruptcies is recommended because they can offer you respite from creditor harassment and the best advice on how and when to file bankruptcy.

Q: Will my credit score be bad forever if I file for bankruptcy?
A: No. Filing a Chapter 7 bankruptcy will harm your credit score, but it will only stay on your record for 10 years. There are a variety of ways you can slowly rebuild your credit after filing bankruptcy.

Q: How long does it take to complete a Chapter 7 bankruptcy?
A: Typically, it takes approximately six months for a Chapter 7 bankruptcy to clear.

Q: What kinds of debt won’t be discharged during my bankruptcy?
A: Not all debts get erased when you file for bankruptcy — the U.S. bankruptcy code requires you to pay certain types of debts no matter what. These debts include student loans (unless undue hardship is provable), recent real estate and income taxes, certain fines (including criminal and DUI fines), alimony, child or spousal support, and other debts that a local bankruptcy attorney can explain to you. To learn more, read this.

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