3 Tips For Having Success With A Chapter 7 Bankruptcy
One of the ideal ways to help you relieve a lot of financial stress when you don't have money to pay your debt is filing for Chapter 7 bankruptcy. This is the ideal way to help get many of your debts discharged if these qualify. It's important to know some of the top things you should do beforehand to increase the possibility of having success during this process.
Tip #1: Gather the proper documents
One of the first things you'll want to do is be ready for this process. Keep in mind that you will need to prove to the court that your eligible for filing for bankruptcy and having the right documents on hand can help.
Listed below are items you will need:
1. Expenses – It's very necessary to provide the exact amount of your monthly costs in a professional looking report. This may include your rent, food and other things you'll need to survive.
2. Income – Having a copy of your W-3 or the previous year's tax return can be one of the best ways to show the amount of money you earn.
3. Debt – You'll want to list the amount of your debt and the company you owe in a report to provide to the court.
Tip #2: Get professional assistance
Being able to get rid of your debt will require the right advice, and it's ideal to enlist the help of an attorney that specializes in this area. There is a lot of paperwork that must be completed and entered within a specific time-frame to allow you to qualify for this status.
Tip #3: Know what won't be discharged
It's important to understand all of your debts won't be discharged even if you have success when filling. Below are specific debts you should be ready to pay:
1. Alimony or child support – If the court has ordered you to pay a certain amount for a child or ex-spouse monthly, this obligation must be met.
2. Income taxes – It will be necessary for you to have the money on hand to pay the Internal Revenue Service (IRS) or to work towards a payment installment plan.
Working to get to a better financial place in life may be possible if you have success with this process. Be sure to rely on the expertise that a bankruptcy law attorney can offer you for the best results!