If you are an individual planning to file for bankruptcy under chapter 7, you need all that you can get about chapter 7 bankruptcy information so that you can understand the short-term and long-term ramifications. There are some tasks that need to be done prior to filing for bankruptcy and there are conditions that apply to decide whether you qualify or not.
There is also a need to scrutinize you liabilities to see which can be discharged and which need to be paid. Your past financial record is also a factor as the court will assess whether you are qualified for chapter 7 bankruptcy by taking earlier bankruptcy petitions in to account. There are several steps in the process, and missing any essential task in any phase may cause your petition to be dismissed, so you may need to engage a qualified bankruptcy lawyer to represent you.
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Although you may feel confident of filing for bankruptcy yourself and may not want to incur the legal fees payable to the attorney for his counsel, it is advisable to get the low-down on chapter 7 bankruptcy laws direct from the attorney. Having an attorney represent you can be beneficial in many ways - an attorney can help you fulfill pre-requisites to filing for bankruptcy under chapter 7 that you may not be aware of, such as the requirement of attending a credit counseling course within 180 days prior to filing. Your lawyer may give you a means test to ascertain that you can indeed file under chapter 7. In addition, he may explain the length of time the credit bureaus keep record of bankruptcies in your credit report, and assess your financial situation based on your inputs.
You may also learn of the provisions under chapter 7 bankruptcy laws that will disqualify you such as dismissal of chapter 7 petition in the preceding 180 days and discharge under chapter 7 or chapter 13 in the last 8 or 6 years. Your attorney may advise you to reconsider the decision to file for bankruptcy under chapter 7 if he feels that it is not absolutely essential for you to do so.
If you require the quick debt relief that chapter 7 bankruptcy laws can provide you and the benefits provided by the automatic stay applicable after filing, you may wish to opt for this and start life anew with a clean slate. But before you do so, it is important to get your facts right.
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