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How does Chapter 7 bankruptcy work?
The most prevalent type of bankruptcy is a Chapter 7 bankruptcy. Under Chapter 7, you are not required to enter a repayment plan. The trustee will instead sell any non-exempt property to pay off your creditors. This procedure is followed in accordance with the Bankruptcy Code and is overseen by the court. The property that will be excluded, nevertheless, will depend on the laws of your state. Therefore, it is crucial to talk about your assets with your lawyer before submitting.
How Can I Get Chapter 7 Relief?
You must pass a “means test” to find out if you are eligible. You must pass the means test in order to be eligible to file under Chapter 7. Again, each state will have a different threshold for eligibility. The test evaluates your household size, income, and spending to determine if you meet the requirements for Chapter 7. Essentially, the exam is made to make sure that you can file for bankruptcy. To learn more about how a means test functions, go here.
Do You Plan to File Under Chapter 7?
To schedule a consultation session, if you reside in Southern California and are thinking about declaring bankruptcy, call our office right now. Our lawyer will review your particular circumstances and lay out your best course of action.
The acclaimed Recovery Law Group can be contacted if you’re seeking for legal representation and advice for filing for bankruptcy. To schedule a consultation, visit https://recoverylawgroup.com/bankruptcy/.