Tips for Handling Your Chapter 7 Bankruptcy

Chapter 7 Bankruptcy Lawyer

Considering whether you should file for Chapter 7 bankruptcy can be challenging to come to terms with. Facing that fact that you have found yourself financially in over your head can feel tremendously shameful. Taking that step to get ahead of your situation can be difficult to finally do. There is a significant amount of stigma attached to a bankruptcy filing. However, with a lawyer’s help, this doesn’t have to be the case. They have the experience and ability to help you face your bankruptcy filing, head on. Here are some tips and considerations to keep in mind when handling your Chapter 7 bankruptcy filing:

Tip #1 Work with a Bankruptcy Attorney to Protect Your Interests

When filing for bankruptcy, chances are you will be looking to retain as much of your assets as possible. You may have a concern that you will lose your house, vehicle or other valuables. This is a primary reason to work with a bankruptcy attorney. They will be able to take a look at the exemptions you may be eligible for and help to determine whether to proceed with Chapter 7 or take a look at other options.

Tip #2 Make Sure That You Are Eligible for Chapter 7

In order to file for Chapter 7 bankruptcy, you must meet certain eligibility requirements. We can help to look at your financial situation and outline the appropriate steps to take when determining whether you are eligible for Chapter 7. In order to meet eligibility requirements, you must:

    • Have not filed for Chapter 7 bankruptcy in the past 8 years, and a Chapter 13 bankruptcy in the past 6 years
    • You must undergo credit counseling prior to filing for bankruptcy. This must be completed within 6 months of filing for bankruptcy
  • You must pass the Means Test. In order to pass, your income must be below the median income

If you do not meet the standards to qualify for Chapter 7, we can help you review your options. Chapter 13 may be a better filing option for you based on your financial situation.

Tip #3 Take Care of Yourself in the Process

Experiencing financial difficulties can be especially stressful. Chances are you are feeling some sense of shame and defeat over the financial situation you have found yourself in. Getting yourself through the process can help you begin to rebuild your credit. Although it may be challenging while in the thick of it, be sure that you take the time to care for yourself during a time that can feel incredibly troubling.

Filing for bankruptcy is a huge decision. If you are struggling with significant debts that you are unable to pay, it may be worth considering whether bankruptcy is your best option. Speaking with a lawyer may be your best bet at determining how you should move forward. Chapter 7 bankruptcy can provide clients with a fresh financial start and a chance at rebuilding their credit. Contact a law firm today so that they can take a look at your financial situation and help determine if a Chapter 7 filing is right for you.

Source: Chapter 7 Bankruptcy Lawyer Tampa, FL, Law Office of Michael A. Ziegler, P.L.