You must have heard many saying "When you are drowned in debt file for bankruptcy" from the mouths of people who may be least aware of the intricacies of bankruptcy. Filing chapter 7 bankruptcy seems to be very famous among the debtors just because upon approval by the bankruptcy court it gives instantaneous discharge from most of the unsecured debts.

Filing chapter 7 bankruptcy is not as easy as it seems to be.  The chapter 7 bankruptcy laws prevail over the process of filing and the final approval of bankruptcy. One may find these laws to be complex but with the professional help of companies like www.bankruptcyonly.com, the procedure of filing can be made much easier.

The first step is compiling the chapter 7 bankruptcy petition. This step is about collection and submission of all the necessary documents needed to justify that the applicant is now incapable of servicing any debt.  This first step is very crucial because the documents submitted have to be genuine and at the same time in a prescribed format.  Any mistake while filling the application form or a bit of mistake at furnishing the document could lead to rejection of the petition. All the actions like wage garnishment and collection calls made by the creditor or lender come to a stop. Usually on the 15th day the creditors or lenders are informed about this. Usually between the 20th day and the 40th day the bankruptcy court calls a meeting of the creditors and the debtor has to invariably be present at this meeting. After this comes the step of the trustee liquidating the non exempted property to pay to the creditors or lenders.  

All the applications or petitions for chapter 7 bankruptcy are not approved by the bankruptcy court. For the assurance of approval, usually one needs to seek guidance from companies like www.bankruptcyonly.com that have a good network of expert personal bankruptcy attorney.

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You could consider availing a consultation with a bankruptcy petition preparer; if you are no longer in a position to pay back your debts to your creditors and even a repayment plan has failed to work for you. This could help you to get legal protection from the court with regards to creditor harassments. A proper legal guidance could thus be of enormous importance. When you are considering filing for bankruptcy, it is essential for you to understand the eligibility criteria involved to qualify for either a Chapter 7 or Chapter 13 bankruptcy. www.Bankruptcyonly.com offers professional services to debtors who are thinking of filing a petition for bankruptcy to get rid of their debts which have become hard to manage.

Bankruptcy is guided by a number of laws that fall under different chapters. And as per the new bankruptcy law of 2005, it is important for to get familiarized with the eligibility requirements of a Chapter 7 or Chapter 13 bankruptcy petition filing so that you know which one is most suited for your situation. At www.Bankruptcyonly.com our bankruptcy petition preparers could guide you in the entire process of understanding the eligibility criteria as well as in filing for a Chapter 7 bankruptcy or Chapter 13 bankruptcy procedures.

Our bankruptcy attorneys could be of immense help when filling out bankruptcy petition forms which are required while making a bankruptcy application. Classically, bankruptcy filers are required to provide details of their existing creditors and their outstanding debts along with a list of assets that are owned besides recent copies of financial statements. The new bankruptcy law requires bankruptcy filers to undergo compulsory credit counseling sessions to manage their finances and debt situation better. Our credit counseling facilities could be immensely useful in the process.

To qualify for a chapter 7 bankruptcy petition for total liquidation of assets for paying off debts, the debtor must pass the means test in the court which involves determination of the disposable income available with the applicant after subtracting the expenses permitted by the IRS. While carrying out the calculations actual expenditures are not to be taken into consideration. If the additional income exceeds certain pre-determined limit you could be eligible to file a chapter 13 bankruptcy petition that involves a repayment plan scattered over 3 to 5 years and not a chapter 7 bankruptcy procedure. Our bankruptcy lawyers could assist you to decide which one is a better option for you. 

Thus, by availing a consultation with our bankruptcy petition preparers you could understand the intricacies surrounding the various bankruptcy petition procedures under chapter 7 or chapter 13 for personal bankruptcy. Besides, our non-profit credit counseling services could enable you to manage your finances and debts much better which is required by the new bankruptcy law.

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