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How to file chapter 7 bankruptcy

How to file chapter 7 bankruptcy

With the state of today’s economy, many people are asking how to file Chapter 7 bankruptcy. The qualifications for filing Chapter 7 include being a US resident, having a place of business, or owning property in the United States. Chapter 7 bankruptcies are for individuals or businesses who wish to eliminate their liabilities by liquidating all of their assets to pay off as many creditors as possible. Chapter 7 may remain on a credit report for up to ten years. Some debts may not be covered under Chapter 7 such as student loans.

There are various methods for filing for bankruptcy. These include: filing federal bankruptcy forms which may be found on the internet, however you will still need to grapple with the bankruptcy law and its legal language. There is also bankruptcy software available, where you can file online, similar to filing your taxes online, but some of this software can be unreliable depending on what jurisdiction you are in and the constant changes in the bankruptcy code.

Also, even if you prepare the documents yourself you may still need more guidance to ensure all of your information is efficiently disclosed, and the debts you require to be discharged are discharged. However, these forms are simply that, forms, and may not answer some of the more specific questions you need answered when trying to determine how to file Chapter 7 bankruptcy.

Join Webponder.com to talk to experts online about how to file chapter 7 bankruptcy.

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There are non-petition preparers that can help you file properly. Similar to filling out a do it yourself kit, these documents may be found online or via computer software, but the petition preparer will guide you through how to properly prepare your documents for filing for the Chapter 7 bankruptcy. Finally, you could hire a Bankruptcy attorney.

An attorney may cost more to file for Chapter 7, generally $1,200.00 to $2,000.00, but may ensure the most protection and legal fairness in filing, and the peace of mind knowing that you had an experienced attorney who has filed hundreds, if not thousands, of bankruptcies similar to yours. On Webponder.com you can browse for, and then schedule a video consultation to speak with an attorney to help you decide the best course of action to take regarding your filing the Chapter 7. You can get this help instantly online, face to face and in real time.

The bankruptcy laws vary from state to state, which may mean you must take a “means” test to ensure that your earning and debt calculations include parameters involving a state median of your disposable income. An attorney can help you determine what this calculation is per your state to help you determine if you qualify for a Chapter 7 bankruptcy.

Visit Webponder.com to help find the proper professional to help you determine which course of action to take when filing Chapter 7. A bankruptcy lawyer can help you weigh the pros and cons of each method of filing to ensure you are on your way to a successful bankruptcy filing according to your specific and individual needs.

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