ns what a Chapter 7 bankruptcy is and the criteria to be met to get one.
Only those that are eligible are able to file Chapter 7 bankruptcy. People who do not qualify to chapter 7 bankruptcy are able to file chapter 13. This is due to the fact that they have too much income. They are required to pay off their debts over a 3-5 year period.
Chapter 7 bankruptcyes don’t need to be reimbursed. That’s right. You can eliminate your dischargeable debt in chapter 7 bankruptcy.
Two main factors to consider when deciding if you be eligible. One is that you only have the option of filing for Chapter 7 bankruptcy only once every eight years. Another factor is a test of means that decides whether your income is enough to qualify for.
Your household’s income average for six months is determined through the means test. How big is your household and the location you live in are also factors that affect your results.
On-line resources can assist you find out if the situation you are in is acceptable for Chapter 7 bankruptcy. A rough estimate can be calculated using your name, the estimated income per month, in addition to the total household members. This estimated income to determine whether you are eligible.
Follow the link above to read more about Chapter 7 Bankruptcies.