Chapter 7 bankruptcy forms are the most common type of bankruptcy forms filed. While assets like musical instruments, second cars, motorcycles, motor-homes, collectibles, vacation properties and jewelry may be at risk of liquidation by a court-appointed trustee, you will at least put an end to harassing creditors, court judgments against you and your financial quagmire. In some cases, your Chapter 7 application forms may be for “No Asset” filing, which declares that you have nothing of value at the time of your filing. If you wish to keep all your valued possessions secure, you may need the help of a legal professional or consider filing for Chapter 13 instead.

According to www.filing-bankruptcy-form.com, you will need to send in several Chapter 7 bankruptcy forms, including a bankruptcy petition, a list of creditors, a schedule of assets and liabilities, a list of exempt property, a schedule of your current income and expenditures, a statement of your financial affairs and a statement of your intent regarding any secured debts. Initially, your goal is to send in the first batch of legal forms and receive an “order of relief,” which will stop harassing creditor calls, court proceedings against you and housing foreclosure proceedings.

If you’re worried about losing assets after filling out Chapter 7 bankruptcy forms, then you may want to consider Chapter 13 bankruptcy forms instead. The primary benefit of choosing Chapter 13 over 7 is that this type offers you the opportunity to stop your home from foreclosing. While you will still have to make payments on your home, the bankruptcy gives you the ability to catch up on missed payments without court proceedings. The other benefit of Chapter 13 is that you can reschedule other secured debts and lower monthly payments. A Chapter 13 filing is similar to a consolidation loan, where the debtor pays a trustee, rather than the original creditors, which may be a relief if the creditor calls have gotten nasty. Also, filing Chapter 13 will protect any co-signors from sharing your financial ruin. If you’re unsure if you qualify, then you may want to speak with a legal professional about your case. Many attorneys offer free initial consultations.

Before you fill out your Chapter 7 bankruptcy forms, you may want to consider some options to save some of your assets. You can do this, legally, without hiding assets or doing anything illegal. For instance, it’s fully legal to sell off items to pay off outstanding IRS tax debt. In states with large homestead exemptions, it’s logical to pay down your mortgage to save your home. Sixty days before filing, you’re allowed to take out a credit card cash advance to pay off living expenses or lawyer fees worth $1075 or less. Money can be contributed to an annual IRA account since retirement funds are exempt. A life insurance policy may be taken out, which is also exempt. Sometimes you can also buy back some of your unprotected assets by paying off the non-exempt amount to the trustee. Declaring Chapter 7 bankruptcy is a tough decision, but the opportunity for a fresh start is a wonderful thing for many Americans.

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