The importance of properly filing for Chapter 7 bankruptcy

The importance of properly filing for Chapter 7 bankruptcy

Married couples and individuals in Arizona often have to make difficult financial decisions. When high-profile couples are dealing with financial problems and debt, the media attention can often make the personal situation very difficult and could increase the emotions and complications they are dealing with. When debt becomes overwhelming, even for those who appear wealthy to the public eye, seeking debt relief is often their next step. Filing for bankruptcy could be their best option for a fresh financial start.

It was recently reported that the stars of 'The Real Housewives of New Jersey,' Teresa and Joe Giudice are still required to pay their hefty balance of debt. It was reported that the couple owes more than $13 million to creditors and have made a recent payment of $7,500 toward the outstanding debt. A judge denied the discharge of these debts, so creditors were able to seek payment of their remaining balance.

This issue stems from the Chapter 7 bankruptcy petition they filed back in 2009. This event led to their current bankruptcy fraud charges, which allege that the couple hid assets. In addition to facing jail time, the couple still has a hefty debt they need to address.

Although fling for Chapter 7 could prove to be very beneficial for an individual or couple suffering debt, it is important that they go through the process properly and use it correctly. Failure to do so could put the person in a worse situation than they are already in.

Residents in Arizona seeking to file for bankruptcy should be aware of the necessary steps and well as the potential outcomes. This will help prepare them for what could happen after filing and even years down the line. Dealing with debt is a difficult situation, but it isn't a situation that has to be dealt with alone. A fresh financial start could be a reality with the proper guidance and assistance from a bankruptcy professional.

Source: North Jersey, "'Real Housewives' stars Teresa, Joe Giudice paid off $7,500, still owe $13.4 million," Karen Sudol, April 9, 2014

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