About The Chapter 7 Bankruptcy Filing Process & The Cost To Hire A Lawyer
A lawyer can help you get out of a financial bind by helping you file for Chapter 7 bankruptcy. Before you can enjoy your debts being forgiven, you must be able to pass a means test that determines if you qualify or not. In this article, you will find out how the Chapter 7 bankruptcy process works and how much it will cost to hire a lawyer to assist you.
How Does the Chapter 7 Bankruptcy Process Work?
After hiring a lawyer, he or she will give you a means test to find out if you should move forward with filing for bankruptcy. The test can determine if you qualify for Chapter 7 bankruptcy by determining if your income is below the medium income that is set for your state. How much of your income that goes towards paying for your living expenses will also factor into if you are qualified, as making over the medium income with a lot of bills can still leave you in a financial bind.
If you qualify, the lawyer will petition the court to file for you. Your case will be heard by a judge who will appoint a trustee to determine the best way to go about getting your debts forgiven or paid. In some cases, a few of your assets may have to be sold to pay off creditors. However, a lawyer can help you avoid having to get rid of any of your assets.
Your lawyer may also assist you with your financial situation by recommending a credit counselor to help you avoid getting into a bind again. You can then focus on rebuilding your credit.
How Much Does it Cost to Hire a Lawyer for Assistance?
You can't expect to pay a specific amount to hire a bankruptcy lawyer to assist you with filing. The amount spent on a lawyer is dependent upon each individual lawyer, and his or her track record will factor into the price. Expect to pay a reputable lawyer more than a new one. You should also expect the lawyer to be paid on an hourly basis.
You don't have to live in a financial nightmare with debt collectors calling your home all throughout the day. Filing for Chapter 7 bankruptcy is a great way to get a peace of mind. Allow a lawyer to help you determine if you are qualified and to assist you with the filing process! You can also visit a website such as http://howardgoodmanlaw.com/index.html to learn more about the bankruptcy process.