Chapter 7 bankruptcy is the most common type of bankruptcy proceeding. A filing under a Chapter 7 of bankruptcy code is also known as liquidation bankruptcy. A Chapter 7 bankruptcy petition allows filer a complete fresh start and erase all unsecured debts. Accordingly, potential filer should understand that the filing of a petition under chapter 7 may result in the loss of property.
Chapter 7 bankruptcy case involves the appointment of a trustee, to supervise the assets of the debtor, who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors unless they are exempt. Yes, bankruptcy code allow debtor to keep certain exempt property, and trustee will liquidate the bankruptcy filers remaining assets. You will not lose everything you own. Along with exempted properties you can also assume debts by simply reaffirming agreement. That means you can keep your house, car or even a credit card by simply reaffirming agreement.
You as Chapter 7 bankruptcy filer are now must qualify for bankruptcy before filing.The qualification is done through a means test. Annual median household income for your state is the threshold to decide whether or not you qualify. Your annual gross household income (12 times your average monthly gross income in the six-month period prior to the month in which you file for bankruptcy) should be below the annual median household income.
You can contant us now and we can provide provide you with a FREE means test qualification consultation to check whether or not you qualify for a chapter 7 bankruptcy.
It is tough decision for many individuals, families and businesses to file or not. The goal of a bankruptcy filing varies from one debtor to another, and depends on whether a chapter 7, 11 or 13 bankruptcy is being filed.Each individual case is different. You should consider an attorney in your local area and any assumptions should not be made regarding which bankruptcy chapter is right for you.
Contact us to help you find affordable bankruptcy attorney in your area to call and discuss your bankruptcy options. An expertattorney evaluate your case for, whether bankruptcy will benefit you. Attorney will see that if it’s worth filing for bankruptcy and provide you with adequate reasons as to why you should or not file.
An attorney in bankrutpcy practice better understand client’s needs and seek to provide quality service at an affordable price to clients to file bankruptcy and get out of debt.
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