Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Debt Resolution Overview
Chapter 7 bankruptcy is a debt resolution solution that eliminates most unsecured debt.
However, not everyone can file for Chapter 7 bankruptcy. You must first qualify. Qualification is often determined by administering the Means Test. In most cases, if your income is below the state median, you will often (but not always) qualify. Chapter 7 bankruptcy can only be filed in cases where most of the debt is consumer debt. Our bankruptcy lawyer is exceptionally qualified to assess your current situation, administer the Means Test, and advise if Chapter 7 bankruptcy is the best debt resolution solution for you.
Chapter 7 Bankruptcy Fast Facts:
- For individuals as well as businesses.
- Eliminates most unsecured debt.
- It is a liquidation in nature so it’s best for individuals with few assets or assets that can be exempt.
- Must look at a Chapter 7 bankruptcy Means Test to help ensure it’s not an abuse of the Bankruptcy code to file a Chapter 7.
- If your income is not above the median for your state, you will not have to complete part two of the Chapter 7 Means Test calculation.