Filing for bankruptcy can seem like a devastating move for several reasons. It may make you feel like you can’t hack it in the real world or you may feel like you will lose everything you have. On the contrary, bankruptcy can be the answer to your financial woes and will make you rest easier when it is over. Filing for Chapter 7 Bankruptcy Lebanon is a step-by-step process that can be over in a few months. Most who file bankruptcy get to keep their home and most treasured assets. If you want to be sure it’s for you, then contact a bankruptcy lawyer to assist you throughout the process. Legal advice is of the utmost importance in a case like this.
According to the law, there is a standardized formula that determines whether or not you can qualify to file a Chapter 7 Bankruptcy Lebanon, or anywhere else in the U.S. It basically compares your median income v. your disposable income. It takes into account, the number of people in your family, your vehicles, home and compares it against the state average of other families in your state. This process is called the Means Test and it is required by everyone who wants to file Chapter 7 bankruptcy. It is rare that people don’t qualify for Chapter 7 Bankruptcy in Lebanon.
Once the Means Test shows that you are eligible, you’ll be required to present copies of bank statements, pay stubs, tax returns, and copies of statements from the debts that you want to discharge. Note: you cannot discharge child support, income tax payments, nor student loans.
In most cases, those who want to file a Chapter 7 Bankruptcy in Lebanon don’t have non-exempt property available for the creditors to take. therefore, you can keep most of all of them.
Credit counseling is a requirement of bankruptcy. You must participate in counseling and receive a certification of completion before your bankruptcy can be discharged.
The next item on your agenda is a meeting of the creditors. You are required to be in attendance to answer questions the creditors may have pertaining to the original debt you owe them. It’s a short meeting with a judge present. In most cases, the creditors never show.
Once all is in order and presented to the Trustee of the court, you will await the discharge letter that will come in the mail and let you know it’s all over.
