Are you wondering about the benefits of choosing chapter 7 bankruptcy? You probably have a lot of questions about how this works. Here is what you should know before calling our office.
Benefits of Choosing Chapter 7 Bankruptcy | Eligibility
Debtors who have already filed for Chapter 7 cannot file again for eight years. And debtors who have already filed for Chapter 13 bankruptcy cannot file for Chapter 7 until six years have passed (although there is an exception for this). Most importantly, debtors are subject to a “means test” which determines whether the debtor is making too much money to take advantage of Chapter 7’s ability to wipe away their debt. The only way to be sure if you are eligible for Chapter 7 bankruptcy – and if Chapter 7 bankruptcy is your best option – is to talk to an attorney. Your attorney will review your debts, assets, income, and expenses, and help you come to a decision.
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Benefits of Choosing Chapter 7 Bankruptcy | Is it the Right Choice?
Again, you can only know this after going over the particulars of your case with an experienced bankruptcy attorney who can discuss all of your options. A good bankruptcy attorney will tell you whether bankruptcy is your best option, or if you have other possible options, such as debt settlement, or even doing nothing.
Filing for Bankruptcy
Once a debtor is determined to be eligible for Chapter 7 bankruptcy, the debtor will have to file the necessary documents and submit the proper fees with the bankruptcy court. The court’s filing fees are currently $335. Your attorney will ensure that all the property documents are filed, including the bankruptcy petition, a list of the debtor’s assets and debts, a list of the debtor’s current income and expenses and a summary of the debtor’s financial situation.
Are you choosing chapter 7 bankruptcy? Please call our Buffalo debt relief lawyers today to schedule a consultation and see if chapter 7 is the right choice for you.