William D. Schroeder Jr. Highlights Four Questions a Chapter 7 Bankruptcy Attorney Will Ask Their Clients before Beginning Their Case Work

Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, is a legal remedy through which the client’s debts are eliminated. It’s a process that as many as one million Americans go through each year, in order to recover their finances and refresh their financial lives. But few truly understand the process in-depth. And so William D. Schroeder Jr., a leading local chapter 7 bankruptcy attorney serving Colmar, PA and the surrounding region, is now highlighting 4 important questions that an attorney will ask their clients before beginning the proceedings.

Have You Passed a Means Test?

Before receiving a chapter 7 bankruptcy discharge, a debtor must pass a means test. Failing to pass this test will make it exceptionally difficult to file for chapter 7 bankruptcy you need an attorney’s knowledge on this issue..

Are Your Creditors Harassing You?

Once the bankruptcy filing occurs debtors are safe from creditor contact. Creditors will be sent a notice upon the filing. There will be a meeting between the debtor and Trustee to review the bankruptcy filing. During this meeting, William D. Schroeder, Jr. will be with you.

Do you have any Non-Exempt Assets?

Chapter 7 bankruptcy claimants will want to protect all of their assets.  You will work closely with your attorney on the range of methods to protect non-exempt assets from seizure during the filing. There are a range of legal remedies available to skilled attorneys to help prevent the seizure of assets during bankruptcy cases. But it’s imperative that the debtor first provide the attorney with the information directly so that they can use their legal expertise to analyze the risk to the property as part of the filing.

Do you Have a Certificate to Prove Counseling has been Completed?

All chapter 7 debtors must prove that they have completed credit counseling in the 180 days prior to their filing. This counseling must be undertaken through a credit counseling agency. Most attorneys will advise their clients to begin this process the moment they’re considering filing their claim, in order to consolidate the time the process takes.

Filing for chapter 7 bankruptcy can be a challenging task for those in difficult financial positions. But working with a skilled attorney and understanding the road ahead will help provide the ideal foundation for a strong financial future. Contact the team at William D. Schroeder, Jr. law offices today to learn more about the filing process. To learn more about Mr. Schroeder visit www.jrlaw.org.