Handling the Logistics of Filing for Chapter 7 Bankruptcy
Certainly no one enjoys being in the position of filing for bankruptcy, but it can serve as an excellent financial tool, offering a way to hit the reset button on your finances. It’s important to be as organized as possible during the process, and working with an experienced bankruptcy firm like Fitzgerald & Campbell, APLC can ensure this.
In handling the logistics of filing for bankruptcy, the first thing to consider is any pre-planning steps you want to take. This may mean considering your actions far in advance as timing is everything. Consider whether you are filing too early, allowing your bankruptcy to encompass all major debts that you are expecting in a required manner, such as medical bills. It’s also very important to make sure you aren’t engaging in any activities that could be construed as fraudulent conveyance, when transferring assets or properties so they are not counted in your estate. Credit card usage can be a dangerous area to navigate too as you get closer to the time of filing. Spending willy-nilly on new credit cards taken out close to the time of filing for bankruptcy could be construed as fraudulent behavior, so caution is necessary.
Discuss more on timing with your bankruptcy attorney. If you have medical bills piled up and credit-cards that have been at the limit for quite some time, should you keep paying on them prior to bankruptcy? You should not be going it alone at any part of the bankruptcy process, and your attorney should be able to instruct you regarding what to pay and when so you can make the most of your bankruptcy filing, and legitimately so.
Once you’ve reached the point of filing, you will need to:
- Fill out all forms for eligibility, allowing for a full picture of all your finances and property, both exempt and non-exempt
- Take the means test, establishing whether your income is low enough for Chapter 7 bankruptcy
- Attend the meeting of creditors for a short discussion of your information with the bankruptcy trustee
- Wait three to six months for discharge of all your debts
Are you considering exploring bankruptcy to set your finances straight once and for all? If you are finding it difficult to pay your bills and need an experienced bankruptcy attorney, contact us at Fitzgerald & Campbell, APLC. We can review your current situation and discuss your options with you, whether that means bankruptcy, a negotiated settlement or lawsuit. Call us today for a free consultation at (855) 709-5788, or email us at firstname.lastname@example.org.
Posted in: Bankruptcy