After spending a lot of time and effort trying other methods to regain control of personal debt, bankruptcy may seem to be the only viable option. In order to determine if this is the case, it pays to consult with a Chapter 7 Attorney and learn more about what this type of action involves. After that first visit, it will be much easier to decide if this is indeed the most practical way to go.
Evaluating the Situation
One of the first things that the Chapter 7 Attorney will want to do is take a look at the financial circumstances of the client. This will require providing a complete listing of creditors and the balances that they are owed. Information about income is also required in order for the attorney to properly assess the situation of the client. Based on that data, the attorney can determine if bankruptcy is a possibility.
Determining Eligibility
Since there is more than one type of personal bankruptcy, it is necessary to determine if the client is a candidate for a Chapter 7 bankruptcy. For clients who generate below a certain amount of gross income per calendar year, eligibility is a given. Others who make above the amount current specified in bankruptcy laws and procedures will require further evaluation. The attorney can apply the same type of criteria that the court does, and advice the client if this particular kind of bankruptcy is feasible.
Knowing What to Expect
Assuming the client is eligible for this type of bankruptcy protection, the attorney can help the candidate understand how the process will work. This includes filing the request for bankruptcy protection, working with a trustee to evaluate the assets held by the debtor, and what to expect once the bankruptcy is approved and the debts are settled.
For people who have lived under extreme stress over financial matters for an extended amount of time, the process outlined by the attorney often helps to bring about a sense of relief. For anyone who is facing serious financial issues and is not sure where to turn, the team at Brent Sorenson & Associates P.C. can help. After one consultation, the client will have a firm grasp on what options are open, and how each one could provide help with debt.
