Financial difficulties can be stressful and unmanageable when in debt often feel unmanageable. Essentially, chapter 7 bankruptcy offers a way for many people and families to find the much needed legal means to better their standard of living. However, entering into the bankruptcy procedure is possible only with a precise outline of the legislation and possible outcomes. This is where the help of a Shelby Township Chapter 7 bankruptcy Attorney is so helpful for your case.
A Review of Chapter 7 Bankruptcy
It simplifies the debt relief process in a sense that it can help people remove unsecured debts like credit cards medical bills and personal loans. As such, presents an opportunity or a hope to correct the mistakes and receive an opportunity to become financially steady.
What You Should Consider Before Filing
Before filing for Chapter 7 bankruptcy, several factors should be assessed:
Eligibility and Means Test
Chapter 7 is not available to everybody. Amongst these you have to pass a means test which compares your household income to the median income of Michigan. An attorney for filing Chapter 7 bankruptcy in Shelby Township MI will guide you through its requirements to determine your suitability for filing this petition.
Nature of Your Debt
This is most appropriate in chapter 7 bankruptcy where it is easier to have an unsecured debt discharged. Nevertheless, some of these responsibilities cannot be erased including students’ debts, child support responsibilities, and most recent tax debts. An attorney upon looking at your debts can advise you on whether it’ll be wise to go for Chapter 7.
Property and Assets
After you have filed for Chapter 7 bankruptcy, the court assigns a trustee to assess your property. In general, nonexempt property may be that which is sold to pay the creditors. However, many people are able to shield a sizable portion of their goods, through exemptions. A good Chapter 7 bankruptcy attorney in Shelby Township will assist you to determine exemption that will apply to your case and thus protect your property.
Chapter 7 Bankruptcy Process
Here is an overview of the key stages:
First Meeting and Assessment
A Shelby Township Chapter 7 bankruptcy attorney will then analyze your case the obligations you have the assets you own and the income you earn to decide whether you should file Chapter 7.
Filing the Bankruptcy Petition
Your attorney will complete all the paperwork that you are required to file with the United States Bankruptcy Court this includes the bankruptcy petition and schedules. This concerns your documents that reveal your financial information and initiates the process.
Debt Discharge
After the trustee goes through his/her report on the accounts and another examination shows that there is nonexempt property, this is sold (if any), then the court will grant discharge. This does way off your eligible debts which means you get a clean slate as far as your financial baggage is concerned.
Choosing the Right Attorney
When selecting a Chapter 7 bankruptcy attorney Shelby Township, consider following:
Experience in Bankruptcy Law
Ideally settle for an attorney who specializes in Chapter 7 bankruptcy cases. Their position will definitely yield a smooth experience because they understand how everything works and some of the courts in that country.
Transparent Communication
Select an attorney who tells you about fees, duration of the case, & how things stand ethically. On the same note, a clear way to make a decision is by having a clear understanding of the different processes involved.
Commitment to Your Goals
Your lawyer, in this case, has to guard your financial interest, and he has to fight for the best result in your case.
Get in Touch with Lucido & Manzella, P.C. Now
Start your journey to debt freedom by calling a Chapter 7 bankruptcy lawyer in Shelby Township. Hiring Lucido & Manzella, P.C. attorney means you will be informed throughout the process, and we will assist you with decision making at every turn. Please feel free to give us a call now to get your free analysis and begin your path to freedom from ripping debt.