Chapter 7 is an extremely popular bankruptcy chapter. Many individuals, close to 85% in a survey, expressed their interest to file bankruptcy under chapter 7. The ability to safeguard basic assets using exemptions and discharge maximum debts seems lucrative to all. However, many people have a lot of misconceptions about chapter 7, which is why close to 70% of people who filed for bankruptcy under chapter 7 were not very happy or satisfied with the outcome. Know more about chapter 7 bankruptcy alternatives at https://www.recoverylawgroup.com/bankruptcy/.
When is chapter 7 for you?
Chapter 7 can just be tailor-made for you if-
- You do not have many assets or the assets you have are exempt and there are very less, or no debts associated with it
- You have huge amounts of debts that are dischargeable that including medical bills, payday loans, credit card loans, personal unsecured loans, etc.
- There are very few or no non-dischargeable debts that include alimony, child support, education loan, etc.
- You do not have a consistent source of income and in the last few months, you have barely managed to figure out your expenses
- A tenure of 5 years also proves insufficient to pay off your debts even with drastic measures
- You qualify for the means test and are eligible for filing Chapter 7
- You have not filed for bankruptcy in the recent 8 years
The above isn’t an all-inclusive list and only on personal evaluation can an expert say whether bankruptcy is what the doctor called for in your situation. To ensure this stressful situation does not lead to another blunder, let your bankruptcy woes be handled by experts from Los Angeles & Dallas, TX. All you need to do is dial 888-297-6203 and relieve all the stress and burden of the financial situation for good.