The challenges of consistently making ends meet and paying debt may simply prove too much for many people. This may be due to a variety of reasons, but if you don’t have the money to pay debt, it may be time to file for a Chapter 7 bankruptcy. It is important to consider relying on bankruptcy lawyers in Marion IN to assist with this task.
Bankruptcy is a legal status which must be approved by the court to assist in the completion of the bankrtupcy.
What is Chapter 7?
When an individual can’t get his or her debt paid, it is possible to file for Chapter 7. This will assist in getting rid of the debt in the shortest amount of time. If the individual is eligible for this type of bankruptcy, the debt will be paid to the creditors quickly.
Chapter 7 is commonly referred to as the liquidation bankruptcy. There are forms which must be completed to ensure the person filing for this bankruptcy will be eligible for this legal status. Studies show that over 65% of bankruptcies filed are done so as a Chapter 7.
The final form needed to apply for a Chapter 7 bankruptcy with the assistance of the bankruptcy lawyers in Marion IN is the amount of monthly expenses. This should include the cost for rent, food and clothing per month.
Chapter 7 Forms Required
The person filing for the Chapter 7 must list the amount of his or her income. This should be based on a specific amount of time, such as annually or monthly. It is important to prove the amount of money listed on the form by providing past pay stubs or W-2’s.
Another form which must be completed involves the amount of money owed to the creditors. The person filing for a Chapter 7 bankruptcy should list the amount of money owed to each creditor individually and the name of the creditor.
Finally, the laws that surround bankruptcy may be complex. This makes it crucial for the person to rely on the expertise of attorneys for the greatest success. Visit to learn more about the bankruptcy details and the filing process.
