Understanding What Bankruptcy Really Means
Getting out of debt can be challenging, and sometimes that debt can be overwhelming, which is where Chapter 7 bankruptcy comes into play. With Chapter 7 bankruptcy, you are going to be able to get out of that debt. Before you file for bankruptcy, there are some things you need to do.
1. Find an Attorney
First, you are going to want to find an attorney. Although you can indeed file for bankruptcy on your own, that is not the best path to take.
Within bankruptcy law, there are specific criteria for filing under the different chapters. However, if you fail to meet these criteria, you might still have several options for getting the court to accept your petition. This is how bankruptcy law services providers typically approach this problem.
Automatic qualification for Chapter 7 bankruptcy is possible if you earn less than your state's median income annually. It is also possible to qualify on this basis if you've had a recent income change that takes your prorated earnings below that threshold.
Has your personal debt become so overwhelming that you feel there is no way you will ever be able to pay it off while still meeting your current financial obligations? If so, you should know that there may still be a light at the end of your financial tunnel which allows you to eliminate past debt and focus on establishing financial stability in the future. This is because, for many people, it is possible to wipe the slate clean and get the fresh start they need by discharging their debts as part of a Chapter 7 personal bankruptcy case.
Many people turn to Chapter 7 bankruptcy for debt relief as it provides a fast solution for debt problems. While this branch can help with some debts, it does not typically discharge all of the debts a person owes. Here is a breakdown of how Chapter 7 treats most debts, which is helpful to know if you are considering using this branch of bankruptcy.
It Discharges Some Debts
People that use Chapter 7 bankruptcy often owe a lot of money to creditors for unsecured debts.
In the midst of the COVID-19 pandemic, millions of people have lost jobs or had their salaries greatly reduced. As a result, many of these individuals are not able to pay their bills. This can be a scary and frustrating time if you fall into this category. Fortunately, you do have some options to help you through this difficult time. The following are some tips to help you manage your finances during the pandemic:
When you begin making strides towards a healthier, more financially sound future, there are a lot of things that you can do to simplify the process for yourself. While paying down debt and working towards a simpler lifestyle can make a big difference, sometimes a bankruptcy is required to make things better.
Bankruptcy will essentially clear the slate for you and your family, making it possible to move forward without worrying about heavy bills hanging over your head. On this helpful website, check out great tips and tricks that could make it possible to prevent problems in the long run, so that you can make things better.
Getting out of debt can be challenging, and someti …
Within bankruptcy law, there are specific criteria …
Has your personal debt become so overwhelming that …
Many people turn to Chapter 7 bankruptcy for debt …
In the midst of the COVID-19 pandemic, millions of …