Is Chapter Seven Bankruptcy Right For You?

Debt sometimes becomes more than a person can handle, and they end up panicking. It can be stressful when bill collectors are calling and harassing anyone who answers the phone. Thankfully, there are options for overcoming debt, and one of them is chapter 7 bankruptcy. Those who are attempting to get rid of their debt need to learn all they can about this bankruptcy option so they can make the right decisions for their needs.

How to Get Legal Help

To decide if bankruptcy is the right option for a fresh start, an individual needs to first meet with the bankruptcy attorney. During this meeting, the individual will be able to discuss their financial situation and make the best decision for their needs. While many people are able to file for chapter 7 bankruptcy, it is not for everyone. The following are the requirements for being able to file for this type of bankruptcy.

    The person's total debts must be higher than half of their yearly income.

    The person's debts would require them to take five or more years to pay off what they owe.

    The person's debt is causing them a great deal of stress and having a negative impact on their life.

    The individual has very little or no disposable income.

    The monthly income is below the median income of the state.

If an individual meets these requirements, they will likely be approved for chapter 7. Many people mistakenly believe they will lose everything with this type of bankruptcy, and that simply is not the case. Most assets will be exempt, and those that are not are typically not desirable for creditors to take and liquidate.

Get Started Right Away

The sooner a person gets started on the process of pursuing bankruptcy, the less stress they will end up feeling. Once the attorney is involved in the process, they take over all aspects of the process and work on behalf of their client to get the bankruptcy approved as soon as possible.

Individuals who feel they are drowning in debt need to be aware of their rights and the steps involved in filing. Scheduling a consultation appointment will get the process started and allow the individual to learn if they will be approved for bankruptcy.

If you feel like you are drowning in debt and there is no way out, call the office today to schedule an appointment. They will be happy to help you through the process.