Clay County Chapter 7 Lawyer
If you’re drowning in debt and can’t seem to get your finances in order no matter how hard you try, speak with a knowledgeable Clay County Chapter 7 attorney for help giving yourself a clean slate.
Pulling yourself out of debt can be a struggle. And if you’re having difficulty supporting yourself or your family, paying off your debts can seem like an impossible feat. When money’s too tight and repaying your creditors simply isn’t an option, declaring Chapter 7 bankruptcy could be the right choice for you.
By working with a Clay County Chapter 7 lawyer at Rowdy G. Williams Law Firm, you will be able to examine your debts in their entirety to determine whether filing for Chapter 7 bankruptcy is really the right choice for you. We will work with you throughout the bankruptcy process so you aren’t taken advantage of.
How to Qualify for Chapter 7 Bankruptcy
To qualify to file Chapter 7 bankruptcy, you need to have a significant amount of debt and meet specific income requirements that will not allow you to repay your creditors. Individuals, corporations, and even small businesses have the option of declaring Chapter 7.
Chapter 7 will usually be a last resort when attempting to repay your debts. This is because all of your belongings and assets will be sold to pay off your creditors. The money made from the sale of your possessions will then be distributed to cover your outstanding debts.
It is generally not advisable to file for Chapter 7 unless there are no other options. Discussing your case with a Chapter 7 lawyer in Clay County, Indiana, can help you choose the proper path to a better financial future.
The Chapter 7 Process
After you’ve decided that Chapter 7 is the best choice for you, you will need to provide a disclosure statement that includes your assets and liabilities, your household income and expenses, and a complete list of your debts and respective creditors. We will also need to submit your certificate of completion for credit counseling.
After you file, the court will grant an automatic stay, which will require your creditors to cease attempts to collect your debts. Then, we will discuss your case with your creditors so that any discrepancies are addressed.
You will also have the option of coming to a reaffirmation agreement with creditors for belongings or assets you need to retain, such as vehicles. In a reaffirmation agreement, you will agree to keep up with your current payment obligations if you are allowed to keep the possessions in question.
The court will assign your bankruptcy a case trustee, who will oversee the sale of your possessions. Once the funds have been dispersed to your creditors, you will be free of the debts, and creditors will not have the option of seeking further repayment. Financial obligations like student loans, back taxes, and alimony cannot be discharged in a Chapter 7 declaration.
Contact a Clay County Chapter 7 Attorney
In most cases, surrendering your assets should only be a last resort, but it is often necessary. If you decide this is the way to cure your debts, your experienced lawyer at Rowdy G. Williams Law Firm will stand by your side while you file for Chapter 7 bankruptcy.
Give yourself the opportunity to rebuild your financial reputation. Give a Clay County Chapter 7 lawyer a call at 1-812-232-7400 or complete the convenient contact form below to schedule your case review today.