Five Essential Tips to File Chapter 7 Bankruptcy
Bankruptcy is a federal process that can be used to help individuals and businesses who are unable to pay their debts. Filing for Chapter 7 bankruptcy is one of the most common types of bankruptcy filing and can provide debt relief while also allowing you to keep certain possessions. In order to successfully file for Chapter 7 bankruptcy, there are five essential tips you should follow.
First, it’s important to understand the eligibility requirements necessary for filing Chapter 7 bankruptcy. Depending on your income, location and other factors, not everyone will qualify for this type of bankruptcy filing. You should consult with a qualified attorney in order to determine whether or not you are eligible before taking any further steps towards filing.
Second, you must compile all relevant financial information prior to your initial meeting with the lawyer or court representative responsible for handling your case.
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