Chapter 7 bankruptcy is a section of the U.S. bankruptcy code that allows petitioners to get in and out quickly, provided there are no objecting creditors. Even though it is quick, it is not without its “penalty” in that a petitioner has to pay their creditor somehow, if at all possible. It’s a process that requires absolute honesty from a petitioner along with a sincere plea for relief that the court can grant. In order to make this happen in the least stressful way possible, the best thing to do is to discuss the situation with a Chapter 7 Attorney in Murfreesboro, TN.
There are many practical reasons to talk to an attorney about filing bankruptcy, the least of which is making sure the petition is done right. A lawyer who has filed many bankruptcy petitions is familiar with the paperwork, knows what needs to go where, what information you need to provide and has the necessary experience you need. A Chapter 7 Attorney in Murfreesboro, TN also knows what questions to ask of you, as well as being capable of answering questions you have. It is important to be thorough in a bankruptcy in order to prevent problems as the petition progresses.
A Chapter 7 bankruptcy goes through phases as you work your way towards discharge. Before you file, you need to take the first part of a credit counseling course, then complete the course after you file. Once the petition itself is filed, the automatic stay is in effect, barring creditors from contacting you and demanding repayment. A few weeks after the filing, you and your attorney meet with the trustee overseeing your case at the 341 hearing. If the trustee is satisfied with the case as it exists, you move into the waiting period before discharge. This is the point where creditors have an opportunity to object against your bankruptcy, and gives the trustee more time to investigate your petition if there are irregularities. Provided nothing questionable arises with your petition, you move onto the specified date of discharge. Once you reach that day, you are cleared of your debts for the rest of your life.
All throughout the process, your attorney is working on your behalf, monitoring your bankruptcy and keeping you posted as the petition progresses.
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