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March 12, 2020 by MatadorAdmin

Determining Whether Chapter 7 is Right for You

For some people, there may come a time when you find yourself financially in over your head, unable to keep up with your financial obligations. Facing bankruptcy can leave many feeling completely overwhelmed. If you are unsure of whether Chapter 7 is right for you, it may be a good idea to consult with a bankruptcy lawyer. Working with a legal professional can help you to understand Chapter 7 bankruptcy and whether you can qualify for this option. For more information, contact a bankruptcy lawyer for guidance. 

Chapter 7 Bankruptcy

When considering bankruptcy, Chapter 7 is one of the options that may be available to you. Chapter 7 is a chapter of bankruptcy that provides people with relief from their debts. Many are attracted to Chapter 7 because it allows for a fresh start, the opportunity to discharge many debts and financial obligations. However, while Chapter 7 provides many with the opportunity of a fresh start, it’s essential to carefully consider whether this form of bankruptcy is right for you. This is especially true considering there can be a number of drawbacks. Chapter 7 is known as a liquidation, meaning that by enduring the process, many of your assets will be liquidated to pay off your creditors. Once the bankruptcy process is complete, you can move forward with a clean slate. However, it’s important to be aware that filing for bankruptcy means that your credit will be impacted. Although a bankruptcy filing will be on your credit report for ten years, you will have the ability to rebuild your credit over time. 

Qualifying for Chapter 7

Filing for Chapter 7 bankruptcy requires that you meet specific criteria. While Chapter 7 is a popular way of discharging debts, not just anyone can access this form of bankruptcy. Your bankruptcy lawyer will tell you that you will need to:

  • Pass a means test
  • Prove that your monthly income is less than your state’s median income
  • You have not filed for bankruptcy in the last eight years
  • You have endured credit counseling in the past 180 days

When considering whether Chapter 7 is right for you, it’s only natural that you will feel apprehensive, which is why you should contact a bankruptcy lawyer as soon as possible. 

Consulting with a Bankruptcy Lawyer

Bankruptcy lawyers can provide those struggling financially with the support and guidance they need during an incredibly stressful time. While you can proceed with the bankruptcy process without the assistance of a lawyer, the process may be more complicated than you may initially believe. Enlisting the help of a professional will play a key role when considering whether bankruptcy is right for you. Additionally, they can assist you by listening to your needs and helping to make sense of how to move forward while keeping your needs at the forefront. 

Experiencing financial difficulties can leave many feeling a sense of shame, frustration, and even fear. Filing for bankruptcy can leave many wondering whether they will ever have the ability to recover. It’s essential to be aware that bankruptcy can provide people with not only a sense of relief but also the ability to start fresh. For the legal guidance you need, contact a bankruptcy lawyer, like a  Bankruptcy Law Firm Memphis, TN, today. 

Thank you to the experts at Darrell Castle & Associates for their input into bankruptcy law.

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