When consumer debt is overwhelming you, you may consider filing for Chapter 7 bankruptcy in Toms River with the help of a bankruptcy attorney. Chapter 7 can be a helpful option for many who are facing struggles with debt because it does not require that you develop any schedule of repayment with your creditors. Instead, in Chapter 7, all of your real property is sold in order to offset any debts that you owe. If you think that filing Chapter 7 might benefit you in your financial circumstances, it is in your best interest to discuss matters with a bankruptcy attorney as soon as possible.
One of the things to consider when filing for Chapter 7 is the fact that your bankruptcy filing will stay on your credit report for a considerable period of time: ten years. The fact that you had to file for Chapter 7 will make it difficult for you to obtain credit anytime within that ten year period, so you will definitely want to take that into consideration before you file. However, in most instances, it is best to get all signs of un-payable debt removed from your credit report altogether, so the Chapter 7 will have much less of a negative effect overall than the evidence of massive debt over the same time period. Because every situation has its own unique set of circumstances, a bankruptcy attorney is the one to talk to in order to determine the advisability of filing for Chapter 7.
Although some of your property is safe from liquidation even when filing for Chapter 7 in Toms River, those situations are extremely limited by law, so it is important to discuss with your Chapter 7 attorney before hand whether or not you have any exempt property. Several non-exempt debt sources that often comes as a surprise to people who want to file for Chapter 7 are student loans, property taxes, and child support. Often such expenses comprise the majority of debt for some individuals and consequently Chapter 7 becomes a fairly unviable option for them.
In the end, however, if you are filing for Chapter 7 in Toms River, your attorney will have you list all debts in your paperwork, leaving it to the courts to determine the extent to which any of your debts is dischargeable. Again, having a knowledgeable and experienced attorney at your side is extremely helpful in ensuring that all required paperwork and documentation is properly filled out at the time of your Chapter 7 filing.
If you believe that Chapter 7 could help you out of your financial straits, consult with a bankruptcy attorney in the Toms River area to see if you would be eligible to file and if it would help you to get on more firm financial footing and be able to move into the future debt-free.
If you have a small amount of secured debt, hire a bankruptcy attorney from the Law Offices of Lee D. Gottesman, Ocean County, who can help you eliminate your unsecured debts, helping you have a bright financial future to look forward to.