Many people view filing for bankruptcy as the easiest way out of a financial crisis. While it is true that chapter 7 offers debt relief for people that have been completely unable to settle their debts, it is also important to think about the legal and other implications that come with filing for bankruptcy. Here are some of the reasons you need to have the counsel of a good Chapter 7 Bankruptcy Lawyer when dealing with a bankruptcy case.
The legal requirements
Since there are certain individuals that try to manipulate the bankruptcy law to commit fraud, the requirements before filing are very strict. Here are some of the requirements that you will have to make sure you have fulfilled before you can successfully file for bankruptcy.
- You have to prove that your income level is equal to or less than the median income level for your state.
- You have to show that you cannot be able to repay even a quarter of the debt within a period of five years.
- You have to list down all your assets and give full information about the amount of money that you owe.
- You have to be willing to attend a debt counseling course that is certified.
- You must not have filed for another bankruptcy for a period of at least 18 months prior to the current filing.
These are just a few of the requirements that you are supposed to meet. There are many other things that will be looked at in the petition that you will file. Hiring a lawyer helps you avoid the loopholes that make people get disqualified. In case your plea has been thrown out, a Chapter 7 Bankruptcy Lawyer will also help you make an appeal after the stipulated time has passed.
Other requirements
- You should avoid trying to give some of your assets off to relatives to keep them from the government.
- You should avoid missing hearings as this get the case thrown out.
A Chapter 7 Bankruptcy Lawyer will ensure that you follow the right path to get debt relief. Law Margulies is one of the most competent firms offering bankruptcy law guidance.
