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What is Chapter 7 Bankruptcy?

Discharging Your Debt

Chapter 7 bankruptcy provides relief for people who have been severely burdened and overwhelmed by debt obligations that are impossible to pay. It allows a person to discharge most of the debt they have incurred, so they can get a fresh start . If you or a loved one has found yourself deeply in debt, with no apparent way out, you need to consult with an attorney from Price Law Group to see if Chapter 7 may be right for you.

You may be asking yourself, "do I qualify for bankruptcy ?". In order to qualify for Chapter 7 you must make less than the reported median income for our state. Should your income be above the median level, you may still be eligible, and this will be determined through the means test, a legal requirement in filing for bankruptcy. Disposable income is loosely determined by taking your monthly expenses for rent, utilities and payment towards items not included in your bankruptcy, and subtracting them from your monthly income. The remaining amount is multiplied by 60 to see how much money could potentially be available over the next five years, if a payment plan were to be set up to pay your unsecured creditors.

Although a disposable income of more than $10,000 disqualifies a person from being able to file for Chapter 7 bankruptcy, a Chapter 13 bankruptcy repayment plan could be the solution you need. For those people with less than $10,000 disposable income over a 5 year period, and who have less than $100 a month disposable income, they will generally qualify for Chapter 7 bankruptcy.

Qualifying: Taking a Means Test

Anyone who wishes to file for Chapter 7 bankruptcy will have to pass a means test. Before this test is even taken, you should evaluate your median household income against the median household incomes of all other families of your size in California. If you are below the median, then you can continue with your Chapter 7 proceedings. If you are at or above the median then you will have to take a means test to further validate your need. What a means test will do is evaluate your expenses rather than just your income. Many families have an income that seems sustainable, but also have many necessary expenses therefore making their disposable income significantly lower than the state median. To find out if you pass the means test and qualify for total discharge of your debt, consult with an attorney from our firm.

Experience Financial Freedom

In Chapter 7 bankruptcy, a person is able to retain possession of all of their exempt assets. It is highly recommended that you seek legal counsel from a knowledgeable bankruptcy attorney so that you protect your rights and interests. Your pensions, 401ks, individual retirement accounts (IRAs), property, vehicles and certain personal items, are often exempt. 96% of those who file in the U.S.A. lose absolutely none of their assets and possessions.

There are specific debts, such as tax debt, student loans, and child support payments, which are ineligible for discharge during a bankruptcy. Price Law Group has over 20 years experience helping clients navigate around financial crisis and move rapidly into life after bankruptcy.

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