Chapter 7 bankruptcy is becoming more difficult to be granted during these tough economic times. Upon the decision to file for bankruptcy, there are many factors involved in what route you should take. One of the first steps an individual or business should make is to take a means test. This will help make sure that your are eligible to file for bankruptcy.
Deciding which type of bankruptcy to file for includes many complicated factors. Everybody's financial situation is different. Families with large incomes may have accumulated high amounts of debt by overextending their means. Families with low incomes may be struggling to get by, and any of their debts may result in bills that can simply not be paid. High medical bills resulting in a large about of debt are becoming more and more prominent in our society. Some of these debts are unavoidable, and some may have just been caused by bad decisions.
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In the event of seriously financial difficulties, relief can be provided through filing for bankruptcy.
Several factors will be considered in determining eligibility for Chapter 7 bankruptcy. This includes comparing your income to the income levels in others across the state. Typically, a median number is reached and individuals who fall above that median income will be disqualified from filing for Chapter 7 bankruptcy. Also in consideration is the amount of unsecured debt and disposable income of the family.
A means test can be done alone. However, it is most often taken with the help of a bankruptcy attorney. The complicated laws and research necessary during a means test will require assistance. It will also build confidence in the decision to file for Chapter 7.
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