Is it good to declared bankruptcy without a lawyer?
Jan Meriss Alfonso Assistant at Ascent Law LLC The process of bankruptcy can help you reduce your debts and keep bill collectors at bay, but it also has long-term negative consequences, such as raising your insurance rates and making it difficult to find a new job. In addition to the immediate effects of bankruptcy, your credit report will be permanently damaged. Chapter 7 bankruptcy liquidates non-exempt assets to pay off as much of your debt as possible Chapter 7 bankruptcy is a form of liquidation, in which the court takes control of your non-exempt assets and sells them to pay off your debts. The proceeds of the sale will go to your creditors. Non-exempt assets are those items that do not fall under federal or state exemptions. These include cash, checking, savings accounts, and stocks or other investments. Chapter 7 bankruptcy has many risks and potential consequences. The main risk of filing is losing non-exempt property. Your property could include liens or items used as c...