Requirements and Eligibility in filing for Chapter 7 Bankruptcy
ď śFiling for Chapter 7 Bankruptcy will help a debtor eradicate his debts such as credit card and medical bills, payday loans and utility bills. The case can take 3 to 4 months and after which, the debtor will have the chance to rebuild his credit and restore his financial stability. ď śIn order to find out whether you qualify for filing a Chapter 7 Bankruptcy, ask the help of a bankruptcy lawyer who can help you go through the process.
ď śTake the Chapter 7 Bankruptcy Means Test ď śThe means test will help you determine whether you are eligible in taking the first step to filing for Chapter 7 Bankruptcy. A run through your assets, debts, and income will be made.
Calculating your income. For you to qualify for Chapter 7 Bankruptcy, your income must be equal to or lower than the state median income. Otherwise, you cannot file for such a case.
Attend credit counseling. The law mandates that a filer must attend credit counseling briefing before they can file for Chapter 7 Bankruptcy. Ask help as to where and how to get this done.
ď śJoin a debtor education course. ď śThe law also requires that a filer completes a debtor education course before he can file for Chapter 7 Bankruptcy.
Getting your debts discharged via Chapter 7 Bankruptcy is a solution. However, not everyone can file for such case to protect everyone involved. Those who do not meet the criteria stated above cannot file for Chapter 7 Bankruptcy especially those who have made fraudulent transactions to avoid debt payments. Such transactions include having your properties titled under a relative’s name to avoid payment.
Also, bankruptcy should be the last option. Filing for Chapter 7 Bankruptcy should be done when all other means have been exhausted. If you need more information contact Jeffrey Cancilla 714-702-5295. Find out more here: http://www.cancillalaw.com/
Filing for Chapter 7 Bankruptcy will help a debtor eradicate his debts such as credit card and medical bills, payday loans and utility bills...