Easy Bankruptcy

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:

  • How much income you make.
  • Whether or not you filed for bankruptcy in the past eight years
  • What types of assets you may have

    Some of the reasons you may want to file for a Chapter 7 Bankruptcy are:

  • Stop wage garnishment
  • Stop foreclosure
  • Stop repossession
  • Large medical bills
  • Recent job loss

    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:

  • Having too much equity in an asset that is not covered by an exemption.
  • You are behind on a secured loan that you may want keep like a car or your house.
  • You have assets that you want to keep and are not covered by exemptions at all.
  • You have tax obligation, student loans or other debts that cannot be discharged in bankruptcy.
  • You have the desire to pay back your debt owed and just need time to do so.
  • You have a codebtor on a loan that would be responsible for it if it was discharged.

    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:

  • A list of your creditors, addresses, amounts owed and account numbers
  • A list of all of the property you own and an idea as to the value of it.
  • Legal description of any real estate you may own.
  • Your Monthly Income and Expenses.

    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.