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Preparing for Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy is a serious decision, one that will have deep repercussions on your credit and financial situation for years to come. Deciding whether or not you should file for bankruptcy will depend on your specific case. Keep in mind that bankruptcy will deliver a crushing blow to your credit that you’ll have to work very hard to recover from. It should be something that you undertake only as a last resort, once you’ve exhausted all of other methods of eliminating your existing debts. That being said, bankruptcy can also be a good way to start over. You won’t have good credit for a while but you’ll be free from the burden of debt and get a chance to start saving and get your financial life back on track. If you’ve made up your mind, be sure to select the appropriate attorney to represent you. The financial crisis hit Southern California hard, so Los Angeles bankruptcy attorneys are well-versed in the details of bankruptcy, and in high demand. Here are a few tips to help you navigate more easily through the Chapter 7 bankruptcy process.
Evaluate Your Income
This is an important step in seeing if you even qualify for Chapter 7 bankruptcy. If you have a full time job and a steady income, you might not qualify, and will instead have to file for Chapter 13, which has its own set of rules and procedures, and will only partially erase your unsecured debts.
Prepare Assets
Before filing, it is a good idea to do things like maximizing your available credit limits and transferring valuable property to bankruptcy exempt retirement funds. To find out what other moves you can make to prepare your assets for filing, consult with a bankruptcy attorney. LA and San Diego counties currently have very high numbers of clients filing, so be sure to look into experienced LA, San Diego and Long Beach law firms for advice on the best results.
Do You Have Co-Debtors?
If you took out loans in which someone else was signed on as co-debtor, that person will become responsible for paying back the loan in full if you file for Chapter 7. If you have co-debtors, it is always a good idea to discuss the issue with them before taking any steps towards filing.
Compile All Financial Records
Gathering all your financial records is an important part of preparing for the Chapter 7 bankruptcy process. This includes compiling all pay stubs that show your regular income for the past six months, as well as all loan statements, tax returns and letters from creditors and collectors. This will help show your bankruptcy trustee your need to file for Chapter 7.
Continue to Pay Remaining Debt
There are generally debts that remain after your bankruptcy status is accepted. If you have remaining debts, start making a plan to pay them off. Your attorney or debt counselor should be able to help you with this, and can help determine which debts will survive bankruptcy and which ones will be entirely eliminated.
If you’re thinking of undergoing Chapter 7 bankruptcy in the Los Angeles county area, it’s a good idea to consult with an experienced attorney. Many Los Angeles bankruptcy lawyers offer free consultations that can be very valuable in helping you make the right decisions.
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