Tips For Filing Chapter 7 Bankruptcy
Read Over 4 Chapter 7 Bankruptcy Tips To Help Aide You In The Process:
- First tip for filing bankruptcy using Chapter 7, is to pull out a note book and make a long list of everyone that you owe, and I do mean everyone. Your mom, your cousin, your yard man, your mechanic, your pool cleaning company, your hair dresser, your pawn shop. Then move on to the companies that you owe that are sending you statement like credit card companies, hospital bills, alarm companies, car loans companies, and utility companies. Afterwards make a list of the collection companies and attorneys. Finally, include in that list all the lawsuits filed against you, the foreclosures, the liens on your house and any taxes issues or amounts due.
- Second step, is to now take that list and start to pull out all the statements you can find for each of the people that you owe. Know this, that for bankruptcy filing it will always be about the list and how accurate it is! That list will make or break you. So start putting the amounts you think you owe for each person and company you owe, and I must tell you that the exact amount is not important as long as you have at least $1.00 for each one. Bankruptcy courts do not care how much you owe, they only care about who your creditors are - the account numbers - and the correct addresses. That is because they know that the amounts change all the time. The creditors will sell accounts to others and they will jack up the amounts to add their fees. Again, write the account numbers, amount, addresses and even phone numbers. If they sold the account always try to get the original account numbers that you started out with.
- Third tip is to add a list of all your assets and how much you think they are worth. Also, the time you got them. I do mean all your assets! For example, all bank accounts, all retirement accounts, all cars, all boats, all houses, all clothes, all jewelry. In other words, any asset that anyone can do a simple search on and find out a paper trail. Remember, there is no need to get yourself in trouble and have your bankruptcy filing rejected. You will get to keep some of those assets anyway. The court just want to be fair to your creditors. Remember they did lend you this money on good faith.
- Fourth tip, go online and start doing your research on a potential legal advocate that will fight for your case and position you for the best possible outcome. Once you find that legal advocate, take all the important information mentioned above and let them help you start the process.
If you would like more information or would like to consider Welke Law as your legal advocate, please contact us for a free consult!
Learn More About Our Chapter 7 Bankruptcy Services, HERE