What You Need to Know about Chapter 7 Bankruptcy Northampton

Posted byPaola Nadeau on Sep 2020 in Law and legal | 0 comments

Filing for bankruptcy is usually a very hard decision that you have to make after careful consideration. There are two common types of bankruptcies that you can go for depending on your financial situation. To help you make the right decisions, you need to have a good bankruptcy attorney. Your attorney will help you decide on which type of bankruptcy to go for. If you have no plans of trying to work out a repayment plan and keep assets then you should go for chapter 7 bankruptcy. This means that most of your debts will be eliminated but you will lose most of your assets in the process.

When you file for chapter 7 bankruptcy Northampton, you should know the repercussions of that. First of all, any bankruptcy will affect your credit score so that you will find it difficult to enjoy several financial services in the future. This is why you need a good bankruptcy attorney to explain everything to you so that you know what you are getting into. Once you have decide to file for chapter 7 bankruptcy, you need to furnish your attorney with a list of all your debts and assets and all the relevant documents and information, so that he can file the court paperwork. Some of the documents needed include a copy of your latest tax returns, and proof of your income and assets. Your attorney will help you understand which debts you can declare and which ones cannot be written off.

Once your attorney has filed the necessary paperwork for chapter 7 bankruptcy, you will be given a date to appear in court. Your debtors will also come and try to recover their debts from any of your assets that the judge puts up for that purpose. Your bankruptcy attorney will have gone over your assets with you and prepared you for what is to come so that you don’t get any unpleasant surprises in court. Being in such a situation means that you will most likely have more debts than assets so your creditors will have to write of some of the debts. The judge will then grant you bankruptcy relief and you will be free to start afresh.

When filing for chapter 7 bankruptcy, there are some debts that you cannot write off. These include IRS debts and child support. You will have to repay back these ones regardless of your financial situation. As for the other debts, your attorney will declare them as part of your bankruptcy so that they are eliminated by the courts. A bankruptcy is not a pleasant option but if circumstances force you, you should get a good attorney to help you file for chapter 7 bankruptcy Northampton.

Chapter 7 bankruptcy Northampton attorney could help you eliminate medical bills, credit card debt and more. Visit Naatzlaw.com, to file for chapter 7 bankrupty.