Need To File Bankruptcy Chapter 7
Chapter 7 is a great tool in eliminating really huge mountains of debts. Unlike chapter 13 that will still require you to pay your debts in a reorganization plan, chapter 7 pays debts through liquidation and any remaining debts that are not covered by the proceeds derived from the properties that are liquidated are simply forgotten or eliminated. If you need to file bankruptcy chapter 7, there are a qualifications that you need to meet before the judge can honor your bankruptcy petition.
The first thing you need to think about is your income. How much do you earn? Do you earn a lot? Do you have excess money after all of your expenses are paid each month? These are the questions that you need to answer. Foresee if you can pass the means test; this test will show a result that will determine if you have means to pay your debts or not. Having the means to pay, you cannot file for a chapter 7 but will be encouraged to file a chapter 13, which is a repayment plan. Timing is everything in filing for bankruptcy. If you think you will not pass your means test and you know that after a few months your income will drop for some specific reasons then all you need to do is wait a little bit longer. When your income starts to fall down to a degree that you feel comfortable enough that you can pass the means test, then that is the right time to file bankruptcy chapter 7.
Be sure your income is below average before filing for a chapter 7 type of bankruptcy. This will increase your chances of being qualified. Other factors that can affect filing for chapter 7 are prior bankruptcy cases that you had filed. If you did file bankruptcy in the past, you may want to check on their commencement date so that you can calculate what year your bankruptcy status would be discharged because it is only when the prior bankruptcy status gets discharged that you can file for bankruptcy again.
If you need to file bankruptcy Chapter 7 that costs less, there are few ways that you can do that. First is to try filing for chapter 7 online. Just pick a bankruptcy website of your choice from the thousand sites online. This can be fast and convenient compared to the traditional way. All you need is a computer and an internet connection. You will find a lot of bankruptcy companies online that will help you file your bankruptcy. Remember to never compromise because you can always look for someone else that suits you.
The last thing I can suggest is that you find yourself a petition preparer that can prepare your papers. Make sure this preparer follows the legal rules. You can pay their flat fee and then you can do the rest of the work. This is relatively more affordable than having to hire a full time lawyer. For more support on how to file bankruptcy, visit the link below.
The first thing you need to think about is your income. How much do you earn? Do you earn a lot? Do you have excess money after all of your expenses are paid each month? These are the questions that you need to answer. Foresee if you can pass the means test; this test will show a result that will determine if you have means to pay your debts or not. Having the means to pay, you cannot file for a chapter 7 but will be encouraged to file a chapter 13, which is a repayment plan. Timing is everything in filing for bankruptcy. If you think you will not pass your means test and you know that after a few months your income will drop for some specific reasons then all you need to do is wait a little bit longer. When your income starts to fall down to a degree that you feel comfortable enough that you can pass the means test, then that is the right time to file bankruptcy chapter 7.
Be sure your income is below average before filing for a chapter 7 type of bankruptcy. This will increase your chances of being qualified. Other factors that can affect filing for chapter 7 are prior bankruptcy cases that you had filed. If you did file bankruptcy in the past, you may want to check on their commencement date so that you can calculate what year your bankruptcy status would be discharged because it is only when the prior bankruptcy status gets discharged that you can file for bankruptcy again.
If you need to file bankruptcy Chapter 7 that costs less, there are few ways that you can do that. First is to try filing for chapter 7 online. Just pick a bankruptcy website of your choice from the thousand sites online. This can be fast and convenient compared to the traditional way. All you need is a computer and an internet connection. You will find a lot of bankruptcy companies online that will help you file your bankruptcy. Remember to never compromise because you can always look for someone else that suits you.
The last thing I can suggest is that you find yourself a petition preparer that can prepare your papers. Make sure this preparer follows the legal rules. You can pay their flat fee and then you can do the rest of the work. This is relatively more affordable than having to hire a full time lawyer. For more support on how to file bankruptcy, visit the link below.
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