Dealing with debts is common for most people. Unfortunately, debts can grow so large it can be impossible to overcome them. If you are dealing with more debt than your income can afford to pay, it is important to consider your options and learn about your rights. Attaining lasting debt relief through Chapter 7 Bankruptcy can allow you to finally be free of your debts so you can have a brighter financial future.
Attaining lasting debt relief through Chapter 7 Bankruptcy starts with meeting with an attorney. You will need to bring in information on all of the debts you owe and your monthly income. You will also be asked to provide information on the assets you own.
In this type of bankruptcy, you will need to pass a Mean’s Test to make sure you meet income eligibility. As long as your income is below the median range, you may be eligible to file.
In some cases, people are required to submit some of their non-essential property for liquidation so their debts can be paid off. The vast majority of people do not have any qualifying property so their debts end up being absolved by the court-appointed trustee.
Chapter 7 bankruptcy allows your debts to be settled in six months or less. The time period will depend on the amount of debt you owe and how long it takes to liquidate property or settle the debts.
Though no one wants to have to consider filing for bankruptcy, this can be a viable option for those who are dealing with harassing phone calls from creditors who refuse to give up on pursuing them. This can stop the threat of wage garnishment and court cases.
If you have done all you can to get out from under your debt but are not finding any relief, visit website. He and his team will be happy to give you information on your rights in dealing with your creditors. If bankruptcy is the best option for your needs, the attorney will help you through the process and work to protect your rights and best interests.
