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Part 1: Filing Chapter 7: How To Make The Best Experience Out Of It – (316 Words)
Part 2: Filing Chapter 7: Selling Your Assets – (337 Words)
Part 3: Filing Chapter 7: Chapter 7 Or Chapter 13? – (311 Words)
Part 4: Filing Chapter 7: File Or Try Counseling? – (325 Words)
Part 5: Filing Chapter 7: What Happens After Bankruptcy? – (331 Words)
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One of the first things that you should do when you are considering a file of Chapter 7 is to sell your assets. During the process of bankruptcy, anything that you own that is worth something will be sold to pay down your debt. If you can do this beforehand, you may actually find that you don’t have to file bankruptcy at all. Most people don’t realize just what they can sell to earn a few dollars or a lot of money to pay down their debt.
Here are some things that should be taken into consideration.
• Sell any antiques that you have.
• Sell any collectibles you may have.
• Get rid of that extra car.
• Trade in your expensive vehicle for one that is paid in full.
• Go through your attic, sell your things in the local newspaper or through online auction websites.
• Downgrade the home you are living in to one that is less expensive.
• Sell jewelry that you may have.
• Sell computers, televisions or extra “stuff” that just sitting around your home.
For many, the thought of having to sell their things is one that they are not willing to consider. But, what you should think about instead is the fact that you are likely to lose them anyway through bankruptcy. This way, at least you can get as much as you can from them. Plus the damage that bankruptcy will do to your credit and your future finances is likely to be more damaging then losing a few things.
Selling your assets is something that you should take into consideration before you actually file bankruptcy. Those that qualify for Chapter 7 are likely not to have any assets at all. If you do have them, they will be used to pay down your debt by the courts, instead of you. Take a look around your home. Can you pay off those credit cards with what you already have at home?Other Details
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