Chapter 7 Bankruptcy

To get started on the process, a person first needs to bring in their financial records and speak with a lawyer.

How to Get Started With Bankruptcy

Although everyone deals with debt differently, it can sometimes become overwhelming. Mounting debt is often complicated to overcome, especially when the debt is much higher than the income of a person. Thankfully, there is a legal way for individuals to overcome their debt by hiring a bankruptcy attorney. With this information, individuals will better understand how they can get started with the help of a lawyer.

Start the Process With a Lawyer

To get started on the process, a person first needs to bring in their financial records and speak with a lawyer. Meeting with a lawyer will give an individual the information they need so they can decide which type of bankruptcy will be most beneficial for their particular financial needs. After listening to their client and reviewing the financial records, the lawyer will offer information on the following two types of bankruptcy.

Chapter Seven is a type of bankruptcy that offers debt forgiveness. In some cases, individuals filing for chapter 7 bankruptcy will be required to have some of their assets liquidated to ensure they can pay off the debts they owe. This bankruptcy is settled relatively quickly, typically lasting only about six months. A court-appointed trustee takes over all aspects of handling the debt and has the power to absolve debts.


Chapter 13 is the wage earner's bankruptcy and can help a homeowner avoid foreclosure on their home. This type of bankruptcy offers applicants a fresh start so they can pursue a sounder financial future. To be approved for Chapter 13, the applicant must have a verifiable and reliable income so they can make payments to the court each month to pay down their debts. Individuals may be given between three and five years, depending on the amount of debt they owe.

Get Started Right Away

Those who feel like they are drowning in debt are urged to seek help from a lawyer. Whether you need information on chapter 7 bankruptcy or Chapter 13, they can help. With a consultation appointment, individuals will have the opportunity to discuss their financial situation with the lawyer to determine which bankruptcy type will be the most beneficial.

Even if a person is uncertain whether or not bankruptcy is a viable option, they should consider meeting with the lawyer for a consultation so they can learn about their rights as a debtor. To get started on the process, call and schedule an appointment today.