Bankruptcy Legal Assistance
Is Chapter 7 bankruptcy right for you?
You may already know it’s time to take action against your debt. You’ve seen the letters from bill collectors stack up and know the dread of answering the phone because creditors keep calling and calling.
The problem many people encounter is not so much “Should I do something about my debt?” but “What can I do about my debt?”
And with so many programs making big claims these days it can be difficult to decide which one provides a safe, protected and effective means of eliminating your debt.
That’s why many people turn to Chapter 7 bankruptcy. Bankruptcy, in all its forms, is part of U.S. law. It was created by the courts, and all the actions that come from bankruptcy are legally binding and protected.
But is Chapter 7 bankruptcy right for you? Before you can answer that question, you’ll need to know more about how Chapter 7 operates.
Chapter 7 is a division of bankruptcy designed to eliminate specific types of debt for anyone that demonstrates true need. Chapter 7 bankruptcy is designed to quickly and completely eliminate unsecured debt.
Unsecured debt is any debt you have that’s not tied to a piece of property. This includes anything you owe because of credit cards, medical bills, utility bills, payday loans and personal loans.
If you qualify for a Chapter 7 bankruptcy, then your unsecured debt can be entirely wiped out, giving you a clean slate and a fresh start.
In order to qualify, you’ll need to pass the Chapter 7 means test. This isn’t an exam like the SATs. Rather,
the means test looks at your income and your debts and determines true need.
The means test isn’t meant to be a hurdle to filing Chapter 7 bankruptcy. But Chapter 7 is such a
powerful tool, the means test was instituted to ensure people didn’t take advantage of its ability to
eliminate debt.
To find out if you qualify for Chapter 7 bankruptcy, speak with a local bankruptcy lawyer. The means test requirements vary from state-to-state, and a local attorney can help you with the process. Also, you will want to speak with your bankruptcy lawyer about the Chapter 7 exemptions in your state.
The bankruptcy laws in each state outline specific exemptions. Chapter 7 exemptions are property that is fully protected from sale when you file. Thanks to these exemptions, there is almost never any property sale in a chapter 7 bankruptcy exemption. In fact, Chapter 7 exemptions may be able to fully protect your house, car, household furniture and appliances, clothes and even wedding rings.
This is yet another reason why so many people think it’s important to meet with a local Chapter 7 bankruptcy lawyer. With so much on the line many people feel it’s important to work with someone who knows the bankruptcy laws and can help them navigate through the bankruptcy process, from means test to exemption.
While you’ll still have to make a decision on whether Chapter 7 bankruptcy is right for you, now you know that it is a powerful tool that has helped many people get out of debt and get a fresh start.
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