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Chapter 7 Bankruptcy Attorney in Vineland, New Jersey

Are you having a hard time paying the bills that you have? If so, then you should start familiarizing yourself with the Chapter 7 law, which is all about bankruptcy. It is a legal process that is capable of freeing yourself from unsecured debts. So here, you would know how long the process takes place, what happens to your assets, whether you are eligible for it or not and what steps you need to take.
The chapter 7 law is definitely not for everyone as it was created to serve as a protection to those who are in need of it. So, if you think that you are qualified for it, then there is no reason for you not to file for it. Who knows, it might pave way for you to free yourself from the debts that you have.

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How Long Does It Take and How Can You Qualify for It?

First of all, Chapter 7 law takes about 4-6 months, although you may only need to go to the courthouse only once. You also need to prepare the money that you will use for paying the administrative and filing fees. Typically, those who qualify for it are the ones who have a lot of debt to pay, have been receiving collection notices, does not own a lot of property, has an income that is not sufficient to pay off their bills and whose credit is below-stellar.
Your income should also not exceed a certain amount and if in case yours exceeded, then you need to pass the so-called "means test".It is a type of test that is based on your income and can help determine whether you are indeed not capable of paying your debt or not. After passing the test, there is also a need for you to complete a course on credit counseling. On the other hand, the court may decide to dismiss your case if they think that your goal is to lie to your creditors or if in case you have already filled a bankruptcy before within a certain period of time.

How to File for Chapter 7

You should first analyze the debts that you have and then determine what properties of yours you can still keep after filing it. The next step would be ensuring that you are eligible for it. Oftentimes, it depends on the kinds of debts that you have, how much your debt is and your income. After that, you would be asked to decide whether you wanted to pay the creditor something else having the same value of the property that you used as collateral if you want to keep it, agree on new terms or allow the creditor to take it away from you. Then, you would need to fill out the bankruptcy form and then file them. Soon, you would be asked to attend a meeting and that's it. Of course, before your case is closed, you need to file objections if you have any and wind up the secured debts that you have.