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Chapter 7 Bankruptcy: Are You Eligible?

Chapter 7 Bankruptcy

In your journey toward financial clarity, there will come a time when you will need to take an honest look at your debt. If you’re lucky, you might be in a position to pay off your debt and improve your financial picture. However, if your debts are far greater than your income, or if you have had a series of misfortunes that have left you financially bereft, you might have no option but to file Chapter 7 Bankruptcy. What is Chapter 7 Bankruptcy? Before we talk about what Chapter 7 is, we should discuss what it is not: Chapter 7 bankruptcy is not a way for people to shirk their responsibilities or defraud their creditors. It is a way for honest people, who have fallen on hard times financially, to eliminate their debts and start over with a clean slate. Because it is designed to forgive honest debt, there are several criteria you must meet to be eligible to file. Chapter 7 Bankruptcy Criteria Because Chapter 7 is reserved for those who truly cannot pay their bills, there are several criteria that you must meet before you can file. The biggest criterion is the chapter 7 means test. The Means ...

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The Ins & Outs Of Declaring Bankrupcy – What You Need To Know

People suffering from serious financial problems and debt often feel like they have nowhere to turn and no viable solutions. While it is a difficult situation, a consumer has multiple options to fix the problem and get out of debt. An effective solution to overbearing debt is to file for bankruptcy. One should not take this lightly as it will cause problems in the future when a consumer wants to borrow money. However, for many, it is the only way out of the problem. With this in mind, here is a quick guide on the ins and outs of filing for bankruptcy. Determine: Now, some people will not want to file for bankruptcy as it is a serious and time-consuming manner. To understand if it is right, one must sit down and run the numbers. To do this, an individual should use a piece of paper or an Excel document and note all of his or her debts, income and monthly expenses. In some cases, a person will notice that he or she will only need to make minor adjustments to pay off the loans. Other times, a consumer will see that he or she will not have any other ...

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