Are you Eligible to File for Chapter 7 Bankruptcy?

If your debts are mounting, and you’re worried that you won’t be able to catch up, you would need the help of a professional that specializes in helping people solve their debt problems every day. Not only will you have all the options available to you, but a good attorney can detail the pros and cons of each option and provide you with recommendations based on their years of legal experience helping people facing similar financial problems. Filing for bankruptcy on your behalf is not the first solution to financial challenges. However, sometimes this is the best solution to starting over. If it’s the right decision for you, chapter 7 bankruptcy attorneys in Hopewell VA can guide you forward.

What is Chapter 7 Bankruptcy?

Filing for bankruptcy with the help of one of the best and most reputable bankruptcy attorneys in Hopewell VA can stop or delay repossession or foreclosure. In a Chapter 7 bankruptcy, you may be able to eliminate your debt as long as you pass the Chapter 7 test. A creditor who obtains a judgment against you can garnish your wages, place a lien on your assets that must be satisfied before they are sold, and have money withdrawn from your bank account. Unless you’ve overspent or lied on your credit application, most credit card debt and other unsecured loans are cleared with a Chapter 7 filing.

The Filing Process

Filing bankruptcy and eliminating your debt forever was once an easier feat than it is today and that is why you need a bankruptcy attorney Hopewell located. If you qualify for this bankruptcy chapter, then you will have a whole new start. In this kind of bankruptcy, the attorney has to show the court that you have no way of paying your debts. Before 2005 this was easier to achieve because Congress had not implemented the Means Test.

The Income

If you asked any of the knowledgeable bankruptcy lawyers in Hopewell VA, they would tell you that the financial evaluation considers your income for the last 6 months. If you earn less than median income, then a new arrangement would be very close to being reached. If you earn more than the median income, don’t worry, a bankruptcy attorney in Richmond VA can work together with you to solve your problems.

Can You Facilitate the Process on Your Own?

The laws of the United States give you the right to represent yourself in any legal proceeding without an attorney. This does not mean that you will get the results you want. Think of it this way: instead of asking for help from a doctor, you decide to have surgery on yourself. Sure, you have the right (perhaps) to do so, but it is best to seek the advice of a physician. The same applies in the law. A bankruptcy petition is more than 50 pages long, and this does not include all the documents that you will have to file separately. Only a well-trained Richmond VA bankruptcy attorney will be able to guide you through the stages and preparations of a successful bankruptcy.

How Can an Attorney Help?                            

Bankruptcy can be intrusive. Filing for bankruptcy requires you to disclose the details of your finances, and other people may know those details. Property can be taken from you in a Chapter 7 filing. It is best to solicit the help of Richmond VA bankruptcy lawyer if you want to file Chapter 7 bankruptcy because of all the nuances involved in the process. The lawyers at Canfield Wells LLP can give you advice, recommendations, and file all the paperwork on your behalf as their client.