When times are tough financially, many individuals, businesses and companies seek relief from the debt that is pulling them down. They may talk to and think seriously about filing for bankruptcy. If you are considering filing a Chapter 7 Bankruptcy a lawyer, in Washington DC procedures is a prerequisite. It is essential you know exactly how to proceed. As is the case with other forms of bankruptcy, there are several steps you need to take even before you file the actual papers and seek the attentions of the court.
Defining Chapter 7 Bankruptcy
This type of bankruptcy is described as “straight.” It is also referred to as a “liquidation” bankruptcy. Both terms are clearly applicable. Chapter 7 is a consumer bankruptcy. It requires the person who is in debt – the debtor, to sell off any non-exempt property and other personal items that surpass the stated limits. The intent of this action is to pay back any creditors that qualify.
Pre-Bankruptcy Actions
Before you can even file, you have to take specific actions. Talking to a Chapter 7 bankruptcy lawyer will help to clarify what specific measures you will need to take prior to filing. It is very important you listen to him or her before you take the following steps. This is the best way to proceed. It may be the only means of ensuring that what you do will meet the demands of the court.
* Credit Counseling: Before you file, you must attend a credit counseling course. Make sure you receive proof that you have done so. A Chapter 7 bankruptcy lawyer will be able to make suggestions about what course will suit best your purposes and meet with approval of the U.S. Trustee in the District of Columbia. It is imperative you attend the course within 6 months prior to filing Chapter 7.
* Bankruptcy Forms: As is the case with anything related to lawyers, courts and the government, you must fill in the right paperwork. As a result, you will be faced with finding and filling in the correct documents before filing them. A Chapter 7 bankruptcy lawyer can help in this respect. He or she can talk to you about the bankruptcy petition, the various schedules asking for personal information about you, as well as data on your property and debtors and details about your financial situation.
* The Means Test: This is a specific form required by anyone who applies for
Chapter 7 Bankruptcy. A lawyer can help you locate and use this form. It is, essentially, a comparison between your income and the median. It has been in place since 2005 as a way of preventing those with excessive income from using Chapter 7 to obliterate their debts. At the same it severely restricts and even stigmatizes those who can access Chapter 7.
It is extremely important that you fill in this paperwork properly. The administration will screen the documents carefully. If you have made even a small mistake, the option of Chapter 7 Bankruptcy may be denied you. This is one valid reason why it is important to turn to a Chapter 7 Bankruptcy lawyer.
Contact a Chapter 7 Bankruptcy Lawyer
If you find yourself faced with financial troubles and considering bankruptcy. Talk to a Chapter 7 Bankruptcy lawyer. In Washington, DC be careful to select someone who is familiar with the law and any potential as well as current changes. For more information, visit Andrews Law Firm.
