Chapter 7 Bankruptcy : What It Is and How It Will Help You

Completely Wipe Out Your Debt And Get Rid Of The Stress From Harassing Collection Calls, Creditors Threatening To Sue And Get Back To Your Life

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is for individuals who simply cannot make payments towards their debts. Once you finish with the paperwork, counseling courses, and court appearances you will be given what is referred to as a clean, debt-free financial slate.

There are certain criteria you must meet in order to be allowed to file for chapter 7 bankruptcy. The first thing your bankruptcy attorney will do is complete a chapter 7 means test. The test considers your income and debts and determines whether you make enough money to pay off your debts in any way, shape, or form. If your adjusted income falls below the means level for your state you will be allowed to file for Chapter 7 bankruptcy.

Your creditors will be notified that you are filling for bankruptcy and will not be allowed to attempt to collect money from you again. While the courts may seize some of your property to pay off parts of your debt, those with little income or tangible property are not usually affected in this manner.

Chapter 7 and chapter 13 bankruptcy filings both require a lot of time and paperwork but the end result is almost always worth the effort. Contact a bankruptcy attorney for assistance with the paperwork and filing procedures and you’ll be on your way to financial freedom in no time flat.