If you're in a financial bind and unsure how you'll get your bills paid, you may want to consider filing for bankruptcy. This will allow many of your debts to be discharged and you can have your peace of mind restored. It's ideal to file for a Chapter 7 bankruptcy for an individual bankruptcy and knowing specific things about this legal process can be helpful to you.
You will have to qualify for this legal status before you can reap the benefits that accompany it. The key to being able to get many of your debts paid will depend on the information you provide below.
- You will need to verify your income with an old pay stub or with a recent W-2 statement.
- It's necessary to list the amount of your monthly expenses. This could range from the amount of your mortgage or rent payment to food costs each month.
- Be prepared to have a list of the creditors you owe and the amount of money that is owed to each one individually.
The last thing you will want to do is to pay a lot of money that you don't have on fees. The good news is that it only costs $335 to file for this status and this includes court fees and administrative costs, as well.
The Automatic Stay
One of the benefits of filing for this type of bankruptcy is the automatic stay. This is an injunction that will prevent any of your creditors from contacting you via phone or mail about the debt that is owed.
Additionally, the automatic stay will make it legally impossible for a creditor to take legal action against you once you've filed for Chapter 7 bankruptcy.
You will certainly want to know how long it will take for the bankruptcy to be completed. The average amount of time it takes to complete this legal process from beginning to end is three to six months in most cases.
Some factors that will affect the completion time include the speed of the court in your jurisdiction and the complexity of your case.
The benefits of being able to complete a Chapter 7 bankruptcy are many. If you feel that you need assistance with the paperwork and filing process that's involve with this legal status, be sure to rely on the expertise of a bankruptcy attorney in your area. Check it out.