If you’re struggling to repay your unsecured debt from personal loans, medical bills or other expenses it’s important to consider the option of filing for Chapter 7 bankruptcy. Under Chapter 7, you are able to stop some of the harassment from your creditors and use an automatic stay to stop the phone calls. A chapter 7 bankruptcy will also wipe out most of the debt that qualifies. Accomplishing all of the steps accordingly is required for your success in a Chapter 7 filing. Unfortunately, there are many people that can make mistakes when filing for Chapter 7. Here are some of the top mistakes to avoid when filing for Chapter 7 bankruptcy:
Submitting Documents Which Are Inadequate
Bankruptcy is a process that is driven by forms and debtors will need to complete a series of forms that are required by each state and district. Filling out the forms incorrectly or filling up the wrong forms will instantly invalidate the petition. Working with a bankruptcy attorney can be a wise way to double-check the documents.
In order to file for Chapter 7 bankruptcy any debtor will have to pass a means test, have not filed for bankruptcy within the past 180 days, must not have completed a chapter 7 bankruptcy in the last eight years, or completed a chapter 13 bankruptcy in the last six years.
Forgetting To Protect Properties
Assets are important to resolving a chapter 7 bankruptcy but there are specific exemptions. Not every debtor is going to be aware of this and it’s important to protect applicable assets such as property. Working with a bankruptcy attorney can often be one of the best ways to protect your assets and make sure that you don’t lose your property.
Contact us today to start the filing process for your chapter 7 bankruptcy.
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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