Facts About Chapter 7 Bankruptcy
There are restrictions and limitations on each type of bankruptcy, and one may or may not work for each given situation.
To qualify for Chapter 7 Bankruptcy, the individual or company must pass a financial test to review the applicant's financial records, including income, debts both secure and unsecured, to determine eligibility.
This test will determine if your disposable income is less than average for your location. So the requirements for chapter 7 will vary by state.
To know whether or not you are eligible for chapter 7 and if it is the best option for your financial situation, you should seek expert advice.
Bankruptcy Advice and Counsel from Experts
Bankruptcy of any kind can be frustrating, hard to understand, and time-consuming. The team at the Law Offices of Robert M Kaplan, P.C of Schaumburg, Il wants to help their clients demystify the bankruptcy process to get the best results possible.
If you have any questions about chapter 7 bankruptcy or would like to schedule a time for a consultation to see how we can help, contact us today.