Paperwork Preparations for Chapter 7

Millions of Americans are struggling with significant debt, and some can benefit from filing for Chapter 7 bankruptcy to eliminate certain debts and earn a fresh start. If you are struggling financially and considering filing for Chapter 7, it is best to seek legal guidance as early as possible to have the assistance of an experienced attorney and benefit from the many forms of “bankruptcy planning,” including determining how much of your property can be protected and what steps are necessary to protect certain forms of property.If you are planning to file for Chapter 7 bankruptcy, gather your most recent income tax returns and pay stubs. It’s important to understand or have an educated estimate of how much total debt you have, as well as what debt is secured and what is unsecured, and knowing the approximate values of expensive pieces of property is also beneficial. Finally, making a detailed list of your monthly expenses, including monthly payments on debts, is extremely helpful for the planning phase of your bankruptcy and ensuring that you can manage your finances between the time of filing and your successful discharge and beyond.If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.