A Chapter 7 bankruptcy is a serious matter that can’t be taken lightly. When you are considering this, be sure that you consider what the process will be like for you, as well as how it might impact you. This type of bankruptcy is also known as the liquidation bankruptcy because your assets will be taken by the trustee and liquidated if they aren’t exempt from the proceedings.
One of the most important things to some individuals who are considering this type of bankruptcy is finding out which of their assets are exempt and which are nonexempt. We can review your case and let you know what category your assets will fall into. Once you know this, you might be able to decide if this is the best option for your needs.
Another consideration is the means test. Not just anyone can file a Chapter 7 bankruptcy case. Your income and assets have to be below a set standard that is based on the mean income for the area. If it is above that set amount, you will have to find out if you qualify for a Chapter 13 bankruptcy. This is one that requires repayment instead of liquidation.
We know that all of this can be a challenge to work through, but we are here to help you. It is imperative that you make decisions that you feel are the best for your needs. The goal is for you to have a fresh financial start. We are here to work with you to find the plan that will make that goal a reality.