Chapter 7 is the type of bankruptcy that results in the discharge of many debts. Before beginning this procedure, a person must organize their finances. Numerous individuals' finances can be a disaster. All of this information can be difficult to consolidate when the quantity of debt is substantial. There are numerous advantages to working with an experienced bankruptcy attorney, despite the fact that some individuals attempt to handle this process on their own.
The Procedure
Prior to filing for Chapter 7, the most essential step is to ensure that the debtor is eligible to do so. A means test is a beneficial instrument for ensuring that the correct decision is made. If it is evident that Chapter 7 is the best option, it is essential to assemble the necessary documents. This may include previous tax forms and details about credit card, mortgage, personal, and student loan debt.
It is crucial not to neglect due dates. This is irresponsible behavior. This action will frustrate the courts when it comes to attempting to recover from debt and will likely result in the denial of Chapter 7 bankruptcy.
Chapter 7 Qualifications
Chapter 7 bankruptcy eligibility requirements exist. First, an individual must satisfy the means test.A financial institution will compare a person's disposable income to the average disposable income of residents in a particular state. This applicant cannot register for Chapter 7 bankruptcy if this number is greater than the average.
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