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Top Mistakes to Avoid When Filing for Chapter 7 Bankruptcy in Raleigh
If you’re struggling with a lot of unsecured debt such as medical bills and personal loans, you can find the relief you deserve by filing for Chapter 7 bankruptcy in Raleigh. You can stop worrying about harassment from creditors, since Chapter 7 grants an automatic stay that immediately stops all collection efforts. Most importantly, qualifying for Chapter 7 effectively wipes out most of your debt. It can be a hard decision to make, but once you do, it can be the start of a better, financially-wiser life for you and your loved ones.
The success of your bankruptcy filing depends on accomplishing every step correctly. However, the world of bankruptcy court can be complicated, confusing, and overwhelming for the average person. At Weik Law, we pride ourselves on going the extra mile to make every filing a stress-free experience. Not only does hiring an attorney simplify the process, but it also helps you avoid several serious mistakes that can jeopardize your petition.
Common Mistakes When Filing for Chapter 7
Some debtors attempt to file for bankruptcy on their own, and more often than not, fail to have their bankruptcy granted. While bankruptcy is a powerful tool to help good people get back on their feet, the bankruptcy courts have a lot of requirements before they grant the privilege.
Working with a seasoned bankruptcy attorney helps you avoid the following mistakes that can cost you your petition:
Submitting Inadequate Documents
Filing for bankruptcy is a form-driven process. Aside from a lengthy federal packet, debtors must also complete various forms required by their state or district. Failure to do will automatically nullify their petition. To avoid this, it’s essential to prepare and complete all the required paperwork in advance of your bankruptcy filing. A bankruptcy attorney will help you gather, fill-out, and double-check these documents.
Disregarding the Qualifications of Chapter 7 bankruptcy in Raleigh
While Chapter 7 is the most widely used form of consumer bankruptcy, it’s not an automatic qualification. To be eligible for Chapter 7 bankruptcy, debtors must:
o pass the means test;
o not have filed a bankruptcy petition within the past 180 days;
o not have completed a Chapter 7 bankruptcy within the past eight years;
o not have completed a Chapter 13 bankruptcy within the past six years.
Debtors who fall short of any of these requirements will automatically have their Chapter 7 bankruptcy petition denied. Just like your paperwork, a bankruptcy attorney will help you review all of these qualifications to give you the best chance at a successful application.
Neglecting to Protect Properties
While Chapter 7 bankruptcy works by taking or selling the debtor’s properties, there are exemptions. Not all debtors are aware of this, which causes them to lose more of their properties than necessary.
Fortunately, debtors who wish to maximize property exemptions can count on Weik Law Firm bankruptcy lawyers in Raleigh, NC for guidance. Our attorneys are well-versed on the rules revolving around North Carolina property exemptions, which are frequently updated based on federal and state-specific developments.
Increase Your Chances of Qualification with Bankruptcy Attorneys
There’s no doubt that filing for bankruptcy is a difficult process. We understand the struggle it takes to make the decision, and the subsequent stress of facing each step. Let Weik Law bankruptcy lawyers in Raleigh, NC make this an easier process for you. Call Weik Law Office today at 919-845-7877 for a FREE consultation with one of our trusted and friendly attorneys