You obviously would not be considering Chapter 7 bankruptcy if you did not feel like you were in some deep financial trouble that could damage your family and well-being. When you are in this kind of situation, it is good to take a few deep breaths and tell yourself that you are not alone, and that you can get through this with your sanity intact. Following some basic guidelines can help you through the process too.
Making the Decision
The first thing that you want to do when considering Chapter 7 bankruptcy, of course, is to decide if it is really the right thing to do. This type of filing means wiping out most or all of your debts, and it also means liquidating most of your assets. It is a drastic measure, and you want to consider it carefully. It is a good idea to consult with someone who specializes in these things, and even to talk with people who have gone through the process.
Hiring a Lawyer
Do you need to hire a lawyer for a Chapter 7 bankruptcy? In most cases it is a good idea. During the process, there are decisions that need to be made about your assets, such as which ones will be liquidated to pay creditors and which ones you will be able to keep. A lawyer can help you keep as many assets as possible, and in addition, can help you with all of the paperwork, and represent you in court when you will probably be feeling nervous and vulnerable. Though a lawyer will charge you, in the majority of cases it is well worth it. Be sure to take the time to choose your lawyer wisely.
What should you expect after you have gone through a Chapter 7 bankruptcy? Once the process is over, your bankruptcy will be discharged. This basically means that all debts listed in your filing will be erased. The actual discharge usually takes about 3 months, as long as there are no complications during the process. Once you have completed your end of the process, however, and it is waiting discharge, creditors are usually not allowed to bother you. After discharge, your main goal is to slowly but surely build good credit again. This will take years, but it can be done.
Filing this petition is not the end of the world, though at first it may feel that way. Try to keep your cool through the process, enlist the help of a lawyer if you can, and remember that your future financial stability is up to you, so keep a positive attitude.
If you are going through chapter 7 bankruptcy Chapel Hill has many professionals that can serve you with integrity. For more information please see: http://www.brownerlaw.com/