Filing for bankruptcy can be an intimidating process, but with the right help, you will feel relieved once it is done. Unfortunately, many people don’t understand how the process works and can be intimidated by the idea of filing for and going through the process. However, once you understand the Philadelphia Chapter 7 bankruptcy process, you can feel more confident moving forward.
Credit Counseling
In most cases, bankruptcy is designed to be a one-time reset of your financial situation. While some people do file repeatedly, Chapter 7 restricts you to once every six years and has a dramatic impact on your credit score. For this reason, you are required to attend credit counseling prior to moving forward with your case to prevent it from happening again.
File Your Petition
The next step in the Philadelphia Chapter 7 bankruptcy process is to file your petition. Some individuals think they can go through this process alone. However, many people will make mistakes that can have a detrimental impact on if they will get approved. Hiring an attorney will ensure you submit all of the documents at the appropriate time for the best results.
Petition for Reaffirmation
Some people think you will lose everything, such as cars or your home. However, this isn’t always the case. You can file for reaffirmation of certain debts to keep them from being included in the Philadelphia Chapter 7 bankruptcy process. This can allow you to keep your home or car, so you don’t have to worry about how you will get a loan for a new one after the bankruptcy.
The Court Process
After the trustee has met with your creditors and a decision has been made, you will have to attend a court hearing. This hearing will let you know if your Chapter 7 bankruptcy was approved. Having a lawyer by your side through this process will ensure you experience less stress and have the highest chance of a successful outcome.
If you’re ready to start the Philadelphia Chapter 7 bankruptcy process, visit the Law Offices of David M. Offen website to learn more.
