Deciding whether to file for a Chapter 7 bankruptcy takes time, research and, sometimes, all of your mental sanity. Navigating your options can be tricky, but these frustrations and questions can usually be best answered with the help of a practiced lawyer. If you’re planning to file for a Chapter 7 bankruptcy, here are five things you will need to prep for before you hire an attorney to help you with your case:
1. Complex information
Beginning your journey through Chapter 7 bankruptcy is not easy. Read up on the process. Familiarize yourself with the associated legal terms if you plan to file alone. If you plan to hire a lawyer, knowing the logistics of a Chapter 7 bankruptcy will help you determine whether or not they’re qualified to help you. This might be the time to buy a self-help book!
2. Plenty of paperwork
Because filing for bankruptcy is a complicated ordeal, you’re going to spend long hours filling out forms and providing documentation. To facilitate this process, be mindful of the items you need to file (e.g., voluntary petitions, schedules, a statement of financial affairs). You will be asked to provide documentation for your finances from the past two years. This includes information on your property, debts, income, expenses and expenditures.
3. Conditions that may affect your case
Many things can make filing for a Chapter 7 bankruptcy more complicated. If you have an above-average income, are a business-owner or have fraud-related charges, the filing process may become more difficult. When you meet with an attorney, make sure you answer all of their questions to the best of your ability.
4. Attending hearings
When you file for a Chapter 7 bankruptcy, you have to meet with creditors and bankruptcy trustees under oath. These representatives will ask you questions about your finances and bankruptcy petition to determine whether all of the information you’ve provided is correct. These meetings are thorough, and it’s best to be fully aware of the information you included in your petition. Any discrepancies will require further research and questioning.
5. The transfer of your property and debts to the court
When you file for a Chapter 7 bankruptcy, the court takes ownership over your property and financial obligations. For this reason, you cannot sell your property or pay your debts without the permission of the court during this time. This, of course, changes after you file.
If you are filing for a Chapter 7 bankruptcy in Las Vegas, don’t tackle it alone. Consult DeLuca & Associates to determine the your best course of action. For more information, call (702) 252 -4673.