Many people find themselves in debt and unsure of how to deal with it. When you are constantly being bombarded with calls from bill collectors and you do not have the money to settle your debt, you may not know where to turn to for help. Though bankruptcy is something most people do not want to have to go through, it can be helpful for those who have tried other methods of getting out of their debt, to no avail. If you are dealing with debt you cannot control, you may be helped through filing for Chapter 7 Bankruptcy in Fairfield. By hiring a lawyer, you can find the help you need to make sure your bankruptcy is filed correctly.
What Happens in a Chapter 7 Bankruptcy?
When you make the decision you are going to file for chapter 7 bankruptcy, you will need to provide your financial information, properties you own and your monthly income. The attorney will use this information to make the decision on whether or not chapter 7 is the correct bankruptcy you need to file. In this type of bankruptcy, also known as the liquidation bankruptcy, all of your non-exempt properties are liquidated to pay for your debts.
Most states allow you to keep your home, car, furniture, clothing and essential properties. The attorney will advise you on the liquidation process and what you are allowed to keep. In this type of bankruptcy, a trustee will be placed over your assets. He or she will be designated to make sure your property is sold, if not exempt, and has the power to discharge your debts. The trustee will also make the decision on which properties are exempt from liquidation.
Chapter 7 Bankruptcy in Fairfield can assist you in overcoming your debt quickly. Most of these types of bankruptcy are settled within six months. It is important you work with your attorney and your trustee, to provide factual information. Through this process, you will be required to undergo credit counseling, assisting you in overcoming your financial issues.
If you are in need of assistance with filing your bankruptcy, contact Dean Snyder, Attorney and learn about your options.
