Should You File For Chapter 7 Bankruptcy? Here’s Some Things To Consider

If you have been toying around with the idea of filing for bankruptcy, especially chapter 7, but you are not sure whether this is something that you should follow through with, you will want to keep reading. This way, you will have a lot more confidence regarding the decision that you make.

You Are Back To Work But Still Can't Make The Bills

Some people find that even after they have found a new job or after they have returned to work after a medical absence that they are still not able to make their monthly bills. This is either because they are now making less money than they made before, or the minimum amount they are required to pay in order to catch up their missed payments is simply more than they can afford to pay. You could try to get a second job but if that is not feasible or that still would not provide you with enough money to make every payment on time each month, then it might be time to think about filing for chapter 7 bankruptcy.

You Don't Have A Lot Of Assets To Lose

There are some people that will try to avoid a chapter 7 because they would have to give up a lot of their assets as a part of the court agreement. For example, the bankruptcy courts might require you to sell off vacation homes or extra vehicles in order to pay off a lot of your debt, or allow them to be repossessed as a part of the bankruptcy order. After all, the only homes the bankruptcy court usually allows people to keep is the home that they live in as their primary residence. You could try to sell off your assets if there is some value there in order to catch up your debts and to avoid the bankruptcy court. However, if that is not possible, then you are going to want to talk with a bankruptcy attorney. He or she will be able to examine your income, your debts, and the amount of assets that you have to help you figure out if chapter 7 is the best option.

If you are ready to go ahead and move forward with the filing of a personal chapter 7 bankruptcy, you will need to start looking for a quality lawyer to represent you in bankruptcy court. While this is something that you would be able to do on you own, you will find that