About Getting Legal Help With Chapter 7 Bankruptcy

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About Getting Legal Help With Chapter 7 Bankruptcy

13 June 2022
 Categories: Law, Blog

A person could have the most ideal job and then something unexpected happens that puts him or her in a financial bind. For example, if a business owner decides to go out of business, multiple employees could lose their jobs and income. In such a situation, bills can begin piling up, debt collectors begin calling, and it becomes more difficult to get back on track. If you are going through a similar scenario and do not like being bothered by debt collectors on a regular basis, filing for Chapter 7 bankruptcy might be the best route to take. If you are not sure about filing for bankruptcy, hire a lawyer who can provide guidance and helpful services to help you sort everything out.

Make Sure Bankruptcy is the Ideal Option

Filing for Chapter 7 bankruptcy can have a long-term effect on your life, which is why speaking to a lawyer before filing is a good idea. For example, after filing for bankruptcy, getting approved for a home loan can be difficult. Before making the decision that bankruptcy is the route you want to take to settle your debts, a lawyer can help you figure out if other methods are more ideal. A lawyer might suggest debt consolidation or filing for Chapter 13 bankruptcy instead. Chapter 13 bankruptcy is only ideal if you have sufficient income to put money towards a repayment plan to settle debts with creditors.

The Means Test & Determining Eligibility

Even if your mind is set on filing for Chapter 7 bankruptcy, it is important to get legal assistance. The reason is because you must qualify for debt forgiveness via Chapter 7 bankruptcy and a lawyer can help you determine eligibility. For example, a lawyer will use a means test to determine if you can afford to pay off the debts that are owed to creditors. A means test is used to determine how your monthly income compares to the median income in the state you reside in. The test will also give a lawyer an idea of your allowable expenses in comparison to disposable income.

Maintaining Possession of Assets Via Exemption

It is worth getting legal assistance before filing for Chapter 7 bankruptcy because a lawyer can help you maintain possession of as many of your assets as allowed. A lawyer will know which of your assets qualifies as an exemption based on the state laws. He or she will assist you throughout the bankruptcy filing process and answer any questions that you have in mind.

For more information, contact a bankruptcy law firm near you.