Nobody wants to file for chapter 7 bankruptcy. Consumers such as those in the Huntersville, NC area generally get into debt with the intent to repay it in full. However, bankruptcy is designed to give those who truly need it a fresh financial start. If it is impossible to repay creditors, it is unlikely the situation will ever change unless there is a lottery jackpot win. That is when the best decision is to file for chapter 7 bankruptcy. Lenders always allocate some of their profits for losses from delinquent debt that will never be repaid in full. Lenders will not go bankrupt because a few consumers decided to wipe out their debts in chapter 7. That is why anyone hiring the bankruptcy attorney in Huntersville, NC to file for chapter 7 should not feel bad about it.

The actual process to file for chapter 7 bankruptcy with the help of the attorney is fairly simple. The hardest part is getting all of the required paperwork. First of all, consumers filling for bankruptcy need to make sure that all debts are included. Although a credit report will be pulled, not all debts will be included. Consumers should not forget to include debts that are typically not on a credit report such as back rent, unpaid utility bills, some past due medical debts, and more. It’s important to make sure all debts are included. The bankruptcy law does not permit consumers to choose which creditors to pay. That is the job of the trustee. In addition, consumers will need to fill out paperwork regarding their finances such as an income statement and asset information.

The bankruptcy attorney in Huntersville, NC will make sure that the client qualifies to file for chapter 7 after reviewing all of the paperwork. Then the attorney at Lake Law Office, PLLC will help clients complete the remaining requirements such as attending an approved credit counseling session.

Finally, the bankruptcy attorney at Lake Law Office, PLLC will attend the hearing with the bankruptcy trustee along with the client. It is likely that the trustee will raise a few questions or concerns regarding the chapter 7 filling. If all outstanding issues are resolved, the hearing will be the end of the chapter 7 bankruptcy process. All debts will be discharged shortly after the hearing once the trustee has approved the chapter 7 filing.