Recovering from Financial Ruin

Recovering from Financial Ruin

3 Questions To Ask You Attorney About Filing For Chapter 7 Bankruptcy

by Veeti Lepisto

If your financial life isn't as good as you want it to be, you may have problems paying your debt. This can be a very stressful and annoying time for you. It's in your best interest to consider filing for Chapter 7 bankruptcy because this may be the key to getting rid of your debt. It's important to ask certain questions before filing for this legal status and knowing the answers to these may be helpful to you.  

Question #1:  What is the cost of filing for bankruptcy?

When you don't have a lot of money, the last thing you will want to do is to pay a huge fee for filing for this status.  However, the cost of filing for Chapter 7 bankruptcy is only $335, and this includes the court costs and the administrative fees, as well.

Question #2: What are the requirements for filing for this status?

In order to have success in getting your debts dismissed, you will need to complete some forms. This will show that you're eligible for the legal help, and these are listed below:

1. You will need to provide proof of your income. You could rely on a W-2 from the previous year to do this or an old pay stub.

2. You should have a report that lists the amount of your monthly expenses, and some of these may include how much you pay for rent, clothing and food for your entire household.

3. Be prepared to provide the amount of debt that you owe each creditor. It's a great idea to bring the previous month's statements with you when filing for this status.

Question #3: What debts aren't discharged?

When filing for a Chapter 7 bankruptcy, you may be under the impression all of your debts will be discharged, but this is simply not true. There are some debts that you'll have to pay, and these are listed below:

1. Student loans – If you borrowed money to pay for college, you'd be required to pay this money back.

2. Spousal or child support – If the court has ordered you to pay money to either your ex-wife of a child, this amount must be paid and will not be discharged.

3. Payments for a lawsuit – If you have been ordered to pay another person a certain amount of money because of civil litigation, you will be required to pay it.

It's important to be prepared for the process when filing for this legal status. Be sure to consult with a bankruptcy attorney in your area (such as Arthur M Richard) for professional legal advice.


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About Me

Recovering from Financial Ruin

Several years ago, one of my best friends married the guy of her dreams. This tall, quiet man adored my friend. Almost every week during their courtship, he presented her with a beautiful, fragrant arrangement of flowers. At the time, my friend’s mom joked that her home resembled a funeral home because of all of the flowers her boyfriend sent her. After the happy pair married, they purchased a new home together and quickly began running out of money, meaning that he could no longer afford to give her the flowers she loved. They even discovered they couldn’t afford to pay the monthly mortgage. After only a few years of marriage, they filed for bankruptcy. On this blog, you will discover the ways a reputable bankruptcy attorney can help you successfully recover from financial ruin.