Tips For Hiring A Chapter 7 Attorney Prince William County

By Martha Bailey


Bankruptcy is not something that you would want to get into voluntarily if you can avoid it. This is because the repercussions are usually far reaching. The process has numerous adverse effects and you may not even get the type of outcome you were seeking. That is why it is important you consult a chapter 7 attorney Prince William County to help you make the right decisions.

This bankruptcy option is unique in that it requires the trustee to liquidate all the assets belonging to the debtor. The proceeds of the sale are used to settle the outstanding debts. Some of the assets that will be liquidated include; stock certificates, real estate equity, certificates of deposit and household appliances among other types of valuables. In return, all the qualifying debts are written off. It is important to note that you might lose your car in the process.

Bankruptcy only covers personal debts. It does not cover child support payments, student loans and alimony. Therefore, you should be prepared to continue servicing your debts even after the bankruptcy. The good news is that a huge chunk of your debt will be written off. This is what makes it a convenient option when faced with financial difficulty.

Debt relief does not come cheaply. In fact, the cost often proves too expensive for many people to consider this option. This is because, consumers normally get blacklisted for several years the moment they become bankrupt. This means that accessing affordable loans will no longer be possible. In fact, the only option you may have for accessing loans when you are bankrupt is bad credit loans.

To qualify for a chapter 7, you have to meet one key requirement - you must not have a considerable income source, if you do, the bankruptcy trustee might decide that you qualify for a different form of bankruptcy that involves debt reorganization. However, you can still qualify for liquidation, even if you have a considerable income, provided you have a large estate.

It is important to note that the bankruptcy court will appoint a trustee to oversee the entire process. Since the trustee wants to recover as much money as possible from the process, he or she might sell assets that are classified as exempt, such as the family car, which may not even have a significant monetary value. For this reason, it is important you hire a competent lawyer to protect your interests.

There are several things you should know prior to filing for bankruptcy. First, the bankruptcy will appear in your credit history and this will make life a little bit more difficult for you. This is because creditors, employers, landlords and car leasing companies normally run credit checks, so getting a loan, renting a car or getting a new job will be incredibly difficult for you.

Experience is perhaps the most important thing to consider when looking for a lawyer. The ideal attorney must have a lot of experience handling bankruptcy cases in Prince William County, VA. After all, you want the best legal representation and competent counsel during the entire process. Another key consideration is the legal cost, so you may want to ask different lawyers to give you their hourly rate and compare them.




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