Blog Category: Chapter 7

Filing for bankruptcy can be an arduous and emotional process, and it can be even more challenging to navigate if you’re not well-versed in the legalities of it all. One of the most prevalent fears that accompany bankruptcy filings is the possibility of losing all of one’s assets. However, the truth is that there are  … Read more

  Determine if You Qualify To file for Chapter 7 bankruptcy, you must first determine if you qualify. To do this, you must pass the means test. The means test looks at your income and compares it to the median income in your state. If your income is below the median income, you will qualify  … Read more

Knowing a little bit about the legal actions you are going to take is beneficial when you are thinking of filing for bankruptcy. It will be less daunting to go through with everything if you have some idea of what to anticipate. The quickest and simplest type of bankruptcy is Chapter 7. The cases are  … Read more

There are many reasons they prefer Chapter 7 bankruptcy to Chapter 13 bankruptcy. These reasons include the fact that most debts are immediately discharged after filing, the shorter filing period, and the simplicity of the process. To qualify for Chapter 7 bankruptcy, you must pass a means test, which considers your income, expenses, household size,  … Read more

Chapter 7 bankruptcy is the most popular type of personal bankruptcy. It discharges the most debt without repayment and takes the least amount of time. If you choose between Chapter 7 and Chapter 13, it is usually the better option to choose Chapter 7. Basic Process The first thing to do when you are going  … Read more

  If you are filing for a Chapter 7 bankruptcy, then you should prepare for the means test. The means test is essentially a mechanism that prevents higher-income individuals from going through a Chapter 7 bankruptcy. The means tests ensure that only bankruptcy filers with primarily consumer debts use Chapter 7 as their debt relief  … Read more

Simply put, Chapter 7 bankruptcy can be defined as a procedure in which an individual in severe financial distress can eliminate all or some of their debts. It takes about six to seven months to go through the entire process. Filing Chapter 7 Bankruptcy Involves Filling out all of the necessary forms Being present in  … Read more

One of the main concerns is when people want to file bankruptcy, whether they will pass the “means test” to qualify for a Chapter 7 bankruptcy. All consumers filing for bankruptcy protection must be able to pass this requirement. Means Test The Chapter 7 means test qualification uses your average income from the last six  … Read more

If you have the choice on which chapter of the bankruptcy code for personal bankruptcy, most people would choose Chapter 7. Chapter 7 is the quickest and easiest form of bankruptcy. You can have the entire process over in three to six months and come out the other side with all of your qualifying debt  … Read more

Chapter 7 is the easiest and quickest form of bankruptcy. If you have the option, this is usually the best choice. This type of bankruptcy generally takes three to six months to complete to get your debt discharged.  A Chapter 7 bankruptcy will meet your financial goals if:  You have a large amount of unsecured  … Read more