Due to all the business closings, employee layoffs, and people losing their jobs in the wake of a down economy, more people are looking at bankruptcy to help them rebuild their credit. Chapter 7 is one form of bankruptcy that eliminates most debt completely and allows the individual to start rebuilding their credit virtually from scratch. Before you go through the Chapter 7 Bankruptcy Wichita KS process you need to know a few things about how to go about filing. the following will cover the steps to Chapter 7.

1) Schedule a free consultation with an attorney. Discuss your situation and give the lawyer the basic information needed to determine if you are a good candidate for this kind of bankruptcy. The lawyer will also be able to explain how it works.

2) Gather your documents and information. The information required to file for bankruptcy includes things like the names and addresses of every entity to which you owe money. You need to include your income information and other financial documents.

3) Go through a credit counseling course. Chapter 7 Bankruptcy Wichita KS commonly requires the individual to go through a credit counseling course.

4) File the petition for bankruptcy. Once you have all the documents together and complete credit counseling class, you can file your paperwork as directed by your attorney.

5) Attend the meeting of your creditors. This will be a brief, required meeting between you, your attorney, a bankruptcy trustee assigned to your case, and creditors that want to attend. Creditors seldom show up, but there are a few that do.

6) Finalize the discharging of your debts. You should get your discharge within a few short months after you file for bankruptcy.

7) Check your credit report and begin rebuilding your credit. Between one and three months after your debts are discharged, your credit report should reflect that. Make sure it does. Start putting aside money for emergencies, pay debts not discharged in a timely manner, and start rebuilding your credit.

Lawyers and Law Firms

The Chapter 7 process Bankruptcy Wichita KS is relatively painless, but is time-consuming. However, it does help you get a fresh start with your finances and allows you to rebuild your good name. Bankruptcy also stops collection calls, foreclosures, repossessions, and wage garnishments.

Attorney Philip L. Weiser offers free consultations for bankruptcy cases that helps you finding out if you qualify for a Chapter 7 bankruptcy in Wichita KS. Get in touch with him.