Chapter 7

/Chapter 7

What is a Chapter 7 Means Test?

2018-10-31T09:53:44+00:00

When you file for bankruptcy, you will be required to take a means test. This is a test that will determine if your income is low enough to qualify you for a Chapter 7 bankruptcy. This test is formulated to prevent high-income people from filing for this type of bankruptcy. If you fail the Chapter 7 means test, you can then file for a Chapter 13 bankruptcy instead. A Chapter 7 means test does not require you to be penniless to pass. You can still earn a significant income and qualify for a Chapter 7 bankruptcy if you have numerous expenses, such as [...]

What is a Chapter 7 Means Test?2018-10-31T09:53:44+00:00

What is Chapter 7 Bankruptcy?

2018-10-31T09:36:22+00:00

Why You Should Consider Chapter 7 Bankruptcy  Chapter 7 bankruptcy is much different from Chapter 13 bankruptcy in that it does not involve filing a repayment plan. Instead, the trustee for the bankruptcy will gather and sell the debtor’s assets that are not exempt and use the proceeds of the sales to pay any creditors according to the Bankruptcy Code provisions. Some of the property could be subject to mortgages and liens that pledge certain property to creditors. The Bankruptcy Code allows the debtor to keep some exempt property, but the remaining assets will be liquidated by the trustee. You need [...]

What is Chapter 7 Bankruptcy?2018-10-31T09:36:22+00:00
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