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When you’re overwhelmed with debt, filing for Chapter 7 bankruptcy can serve as a beacon of hope. However, there are a lot of things to keep in mind before you file. If you’re considering bankruptcy, ask an attorney at James T. Kratovil Law Offices, PLLC to explain your options and provide the legal advice you need to succeed.

Here, their team explains three facts you must know before filing for Chapter 7 bankruptcy.

1. Are You Eligible to File for Chapter 7 Bankruptcy?

Before you can file for bankruptcy, you must meet the state-mandated income requirements. In general, your income must be less than the state median for the size of your household. If your salary is above the median, other criteria may help you qualify. 

2. Your Petition Can Be Denied

bankruptcyAs a bankruptcy lawyer works through your case, they will look for a number of factors that may cause your petition to be denied. If you haven’t filed tax returns in the last year or two, there’s no way to determine your payments, deductions, and other financial obligations. If you take on significant debt near the time of your filing, or attempt to hide or withhold assets, your petition for Chapter 7 bankruptcy will almost certainly be denied. In some cases, you may even face criminal charges. Play it safe and discuss all of your options and responsibilities with an expert bankruptcy attorney from the James T. Kratovil Law Offices, PLLC.

3. Incorrect Paperwork Can Cost You

Submitting incomplete, inaccurate, or falsified information about yourself, your assets, or your situation is never a smart move. As a result, you might have to pay additional fees, file more paperwork, or miss out on potential benefits. Take your time and work with an experienced, professional bankruptcy lawyer to ensure all your paperwork is completed properly. If you intentionally misrepresent anything, you could be subject to legal prosecution.

When you’re ready to file for Chapter 7 bankruptcy and achieve the clean slate you crave, make James T. Kratovil Law Offices, PLLC of Charles Town, WV, your first call. Dial (304) 728-7718 to schedule your initial consultation or visit the website to learn more about their specialties.

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