Chapter 7 Bankruptcy – 9 Steps In Getting A Fresh Start

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Chapter 7 bankruptcy is a wonderful way to eliminate your debts, but a complex process. You may be wondering how the process works. For many filers, bankruptcy can be an overwhelming process, but understanding how bankruptcy works can make the process a bit less frightening.

Here are the 9 steps involved with filing Chapter 7 bankruptcy:

1. Meet with your lawyer. You’ll work together to identify your creditors, assess how much debt you owe, and determine your recent income. Your lawyer will advise you which debts can and cannot be discharged. If you plan to keep your home or a car you’re still making payments on, your attorney will also tell you how to accomplish this.

2. Compile your documentation. You’ll need to get the names and addresses of all of your creditors, document the amount that you owe each one, and provide income and other documentation.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

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