Nobody wants to file for chapter 7 bankruptcy. Consumers, such as those in the Montgomery, AL. 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 decide to wipe out their debts in chapter 7. That is why anyone hiring a bankruptcy attorney in Montgomery, AL. 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 simple. The hardest part is getting all the required paperwork. First, consumers filing 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 Montgomery, AL. will make sure that the client qualifies to file for chapter 7 after reviewing all the paperwork. Then the attorney at David Weston, Attorney At Law will help clients complete the remaining requirements, such as attending an approved credit counseling session.
Finally, the bankruptcy attorney at David Weston, Attorney At Law 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 filing. 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.