Chapter 7 Personal Bankruptcy - The Debt Discharge
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Chapter 7 Personal Bankruptcy

Filing personal bankruptcy is a way for individuals to get out from under debt that has overwhelmed them, and that they are unable to pay off. Chapter 7 is provided by the government as a way to allow people to start fresh by liquidating their assets and discharging their qualifying outstanding debt.

In most circumstances, Chapter 7 can discharge unsecured debts - those that aren't tied to physical property or collateral, like credit card debt and medical bills.

If you would like to learn if you qualify for Chapter 7 bankruptcy, you can talk to one of our sponsoring bankruptcy attorneys. Just fill out the form below and we can put you in touch with a lawyer who may be able to answer your questions and provide guidance regarding bankruptcy and debt.


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Choosing Chapter 7 Bankruptcy Protection

Chapter 7 bankruptcy protection is a type of bankruptcy typically used by individuals who don't have a lot of property beyond normal personal possessions like clothes and household goods. Without a lot of monthly income, Chapter 7 bankruptcy filers typically don't have a lot of money left over after the bills are paid, if any.

Many people choose Chapter 7 bankruptcy to relieve debt each year. The process can relieve the pressure of outstanding credit card bills, payday loans, medical debt and other unsecured debts. The process if often speedy, typically discharging these debts for those who qualify within six months of filing.


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The Chapter 7 Bankruptcy Means Test

Before filing, it is necessary to qualify for Chapter 7 bankruptcy protection. This comes by passing the means test, which involves a formula that compares your income to the median income in the state that you live in for those in similar circumstances.

The test is essentially a way to determine if an individual makes or has enough money to arrange a payment plan with creditors. This is the process that takes place in another form of bankruptcy protection: Chapter 13 bankruptcy. The means test ensures that only those who can't afford such a debt management plan turn to for Chapter 7 bankruptcy protection.

Qualifications for Chapter 7 bankruptcy protection can vary widely based on the region. A bankruptcy attorney may be in a position to explain the chances of qualifying, and to offer possible ways to approach bankruptcy questions.

A Bankruptcy Lawyer is Available to Discuss Chapter 7 Personal Bankruptcy

One of our sponsoring bankruptcy attorneys may be able to answer your questions about filing personal bankruptcy under Chapter 7 and the means test. Simply fill out the free case evaluation form below, and we can put you in touch with a bankruptcy attorney to talk about your case.


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Tap to Call - (877) 250-8242

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