The decision to file for bankruptcy may be the wisest option for those struggling with high amounts of debt. Many people are currently in danger of losing their house, their cars, and their pride. Luckily, the government does provide some relief for individuals living with these hardships.
Chapter 7 is the form of bankruptcy that will result in many debts being forgiven. Before starting this process, a person must get their finances in order. Many people's finances can be a mess. With large amounts of debt, it can be difficult to consolidate all this information. Although some try to do this process alone, working with an experienced bankruptcy attorney provides many benefits.
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The Process
Before filing for Chapter 7, the most important step is to make sure that an individual or business is eligible to file. A means test is a useful tool that will help make sure that they are making the right decision. If it is clear Chapter 7 is the correct route, it is important to gather all the documents required. This can include past tax forms and information on credit card, mortgage, personal, and student loan debt.
It is essential to not miss deadlines. This shows irresponsibility. When it comes to trying to recover from debt, this action will be frustrating to the courts and will most likely result in the denial of Chapter 7 bankruptcy.
Chapter 7 Eligibility
There are eligibility requirements for Chapter 7 bankruptcy. First, a person must pass the "means test." A financial institution will determine an individual's disposable income and compare this number with the average amount of disposable income of others in a particular state. If this number is higher than the average amount, this applicant will not be able to file for Chapter 7 bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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