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Saturday, February 21, 2009

Getting to understand Chapter Seven Bankruptcy

By Jim Smith

Most people in the U.S. have heard or even read about the new bankruptcy laws, which was insituted in 2005. The purpose of the new laws are to safeguard the interests of both the creditors and the debtors. As you see, there are many different laws of bankruptcy that you would want to apply for. It is not easy to decipher the details of each law.

Most individuals would prefer Chapter 7 bankruptcy because it seems that this law have many favorable terms for the debtors. However, there are many criterias that a debtor must present in order to file for Chapter 7 bankruptcy.

Whether or not you are going to file under this law, here are the following steps will assist you to apply for chapter 7 bankruptcy in the right manner:

- Bankruptcy should always be the last option and consider it only when no other assistance available.

- Hire a bankruptcy attorney. An attorney will have the technical know-how and proficiency to help you in the filing procedure.

- There is a rule that you must attend credit counseling.

- File a petition. It will stop your creditors from going for any court proceedings against you.

- Finish the required paper works correctly.

- Make sure that you pay all your fees promptly.

- After you have filed a petition, a meeting will be held after 20-40 days. Your creditors will be present and questions about your property and financial status will be asked and you must reply to them. You cannot miss this meeting, it is very important.

So all in all, once you have taken the abovementioned advice you should be able to manage your debts.

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