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What should I be aware of if I am filing Chapter 7?

Chapter 7 is liquidation bankruptcy- once assets are found above the exemptions, you cannot simply ask for your case to be dismissed. Once you are stuck in your asset Chapter 7 case, property can be liquidated. You could end up losing your house, car, bank accounts, wages, tax refunds, retirement, other financial accounts, life insurance, lawsuit settlements, and numerous other assets can be taken and sold to pay your creditors. Your business could be taken over, and your relatives and friends can be sued and made party to your case.

The right attorney will know how to protect your assets and financial well being. Technically, any attorney could handle your Chapter 7, but it is not a good idea just to get any lawyer to do so.

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