Those dealing with large amounts of debt often feel as if there is no hope for finding financial freedom. When a person is constantly being harassed by creditors through letters and phone calls, they can become overly stressed. Unfortunately, creditors have the right to pursue those who owe them in many different ways: they can garnish a person’s wages, take their property, and take them to court. If a person is dealing with excess debt, it is important they seek help from an attorney to learn about their options for filing chapter 7 bankruptcy.
When too much debt has occurred, a person has the right to file for bankruptcy if they meet certain requirements. Chapter 7 bankruptcy is ideal for those who have mostly unsecured debts, as this type of bankruptcy allows a person to be free of their debts in as little as six months. The process is fairly easy, especially when one is working with an attorney to help them. The attorney will first need to review the person’s financial records to determine what bankruptcy will be most beneficial. If the person can successfully pass a Mean’s Test for their income eligibility, they can go through this bankruptcy and be free of debt.
If a person is found eligible for this bankruptcy, a court-appointed trustee will be over the process. This trustee will be responsible for assessing the assets owned by the person to determine if any are considered non-essential. If non-essential property is owned, these will be submitted for liquidation so the person’s creditors can be paid. If no non-essential property is owned, the trustee has the power to forgive certain debts and will work to ensure the debts are settled or forgiven as quickly as possible.
If your debt is getting out of control, visit us right away. They are a law firm that is dedicated to helping people overcome their debt and find financial freedom. Contact them today so they can schedule your consultation appointment and allow you to get started on pursuing your bankruptcy. Through the help of an attorney, your debts can become a thing of the past. You can also like them on Facebook!
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