There is no doubt that the act of filing bankruptcy is a great way to relieve you of your debts and a lot of the stress that goes along with it. However, it is imperative that you only file bankruptcy after you understand the process to the fullest extent. This will make the process much easier and help you to get the best results after the case is closed. Here are a few things that you should know about filing Chapter 7 Bankruptcy in Lebanon.
Filing Does Not Have to Be Expensive
Many are under the impression that filing Bankruptcy is an expensive process. There are lawyers and court involved and that typically means a lot of hard earned cash. however, most bankruptcy attorneys will work with you to pay for the charges involved. There will be a few filing and court fees that cannot be avoided, but they can often be split up into payments for your convenience.
Chapter 7 Bankruptcy Process
The chapter 7 process is a bit different than some of the other forms of bankruptcy. This will not wipe out all of your debts. However, there can be several of them eliminated. Some of your assets may need to be liquidated in order to pay what you can for some of the debts that you have. Make sure that you talk to your attorney openly to decide if this is the best route for you to take in your financial situation.
Moving Forward Will Be Easy
After the bankruptcy proceedings are complete, your case will be closed, and you can move on with the rest of your life. The process typically only takes a few months. Make sure that you take advantage if the opportunity afterwards to get back on your feet and start rebuilding your own credit.
Once you fully understand bankruptcy, you will be ready to file your initial paperwork. Understanding the process will make the entire thing much easier to understand when you are in the middle of it all. Therefore, take some time to research and talk to your lawyer about filing and all that it will mean for you.
