finding a lawyer before you need one

If you're in a financial bind, you may need to seek assistance. One of the most effective ways for you to get your debt discharged when you just can't pay it is by filing for a Chapter 7 bankruptcy. This will allow most if not all of your debts to be forgiven. It's ideal to have some of your questions answered to help you be better prepared for this process.

Question #1: What are the requirements?

You will need to prove that your debt is more than you earn. There are also a number of forms that you must fill out in order to include this information. You should be prepared to provide the amount of your income, the monthly costs of living and the debt that you owe to your creditors.

You will also need to take a course in credit counseling to assist you in making better financial decisions at a later point.

Question #2: What are the costs?

Being aware of what the fee is for filing for Chapter 7 bankruptcy can be helpful to you. You can expect to pay $335 for the court and administrative fees that are part of the filing process. However, if you get the assistance of an attorney to help you, this will cost you more.

Question #3: How long does it take?

Filing for bankruptcy is certain to be something that you've taken the time to consider. However, you will also want to know how long it takes to complete this legal status. The average amount of time it takes for a Chapter 7 bankruptcy to be finished is four to six months.

Question #4:  What debts will be discharged?

The good news when it comes to getting your debts discharged is many debts are allowed and listed below are some of the most common ones:

1.    Bills for medical costs that you can't pay.

2.    Credit card debt.

3.    Rent payments owed to your landlord.

4.    Court judgments that need to be paid.

5.    Some personal loans.

It's ideal to find out ahead of time what debts will be dischargeable for your individual situation. Also, keep in mind that while past-due rent may be discharged, you may still face eviction.

Being able to secure bankruptcy can allow you to feel better about your financial situation. This may provide you with the peace of mind in knowing that debts you can't pay will be covered. Take the time to find a bankruptcy attorney in your area to assist you with the filing process, like D Derk Demaree Attorney at Law.