Chapter 7 Bankruptcy is one of the most common types of bankruptcy to file for most people. There are certain things you need to address before you file for a chapter 7 bankruptcy.
Some of these may include:
Some of the reasons you may want to file for a Chapter 7 Bankruptcy are:
The assets aspect of it is more in making sure the exemptions available to you will cover any equity in the assets that you may have.
There are also some reasons that you may want to take into consideration in filing a Chapter 13 Bankruptcy instead of filing for a chapter 7 bankruptcy, even though you might qualify for one.
Some of those reasons may include:
Here is a list of some of the items you will need to gather for your attorney in order to get started with your bankruptcy:
To value your property take into account the age of the item and what the current market can bear for it. A good place for comparison is eBay.
Nadaguide is a good place to look for your car value and is accepted as a source by US Trustees.
When valuating your house most people use their property tax values. In today’s market if you have a lot of equity
You might want to consider an appraisal; this might come in lower than the current tax assessment.