Chapter 7 bankruptcy is what many people think of and also hope for when they are considering filing for bankruptcy. When you file for chapter 7 bankruptcy, you will eliminate all your credit card debts, tax arrears, medical bills, and any other consumer debt. If under the right circumstances, most people are allowed to keep their homes and cars. If you are operating a business, then the business is going to stop its operations, and then a chapter 7 trustee will be appointed immediately. The trustee will sell all the assets and then distribute the collected money to the creditors.
During this process, it does not mean that the employees will have to lose their jobs. No, sometimes, when the company is sold off, it still remains intact or partially intact, and then the business might continue as usual, only that a different person will be in charge. Individuals can also file chapter 7 bankruptcy, and when this is the case, then you can keep specific properties that are exempted. However, all the other assets that are not exempted will be sold off by the appointed trustee so that you can pay back the debt. All the different kinds of unsecured debts will be done away with. When you file for chapter 7 bankruptcy, you will have a fresh start
You must understand that when faced with tough times, you need a tough lawyer who will help you with filing for bankruptcy and therefore hire the best. There are vital things that you need to consider when researching the best bankruptcy attorney who will be able to handle chapter 7 bankruptcy issues. It will be a challenge to find the most competent. However, apply the guidelines discussed below so that you can succeed in picking the best.
The best starting point when you are conducting any research is to ask around. Talk to people who had used this service before because they were in a similar situation. However, it would be best if you remembered that even though the attorney might be highly recommended, unless they have experience in filing for bankruptcy, then they will not serve your purpose.
It is essential to consider the experience. The bankruptcy attorney must be equipped with experience. you don’t need an attorney who is not familiar with chapter 7 bankruptcy services because they will not be able to provide you with the services you need. Another option is to check with your area court to see which lawyers are handling the bankruptcy cases. This gives you a better chance to see the attorney in action, and then make a decision based on who you feel will represent you better.
You need to know who will be handling your work. This is the attorney who will be handling your file; at times, the attorney that you interview may not be necessarily the one who will deal with your bankruptcy problem and so you need to know who will do it. Confirm about the charges or the fees. You already have money issues. Therefore confirm with the bankruptcy attorney the estimate on how much you are expected to pay for the services.