Will Chapter 7 Bankruptcy Offer The Relief You Need?
Posted on: 15 December 2021
When you feel desperate to do something about your debt problem, you might decide to turn to a bankruptcy lawyer. A bankruptcy lawyer can review your situation and offer advice. If they feel that Chapter 7 might be your best route, they will recommend it. What relief does Chapter 7 offer? Will it provide the relief you need? Here are several considerations that your lawyer will use to determine if Chapter 7 is the right solution for you.
What Is Your Current Financial Situation?
The first thing to consider is your current financial situation. Where do you stand in terms of your income and debts? Have you maxed out your credit cards? Did you drain your savings account? If you cannot pay your bills because you have so much debt, it is a sign that you need serious help, and Chapter 7 might be the best option for you. Your lawyer will need to take a closer look at a few more things before deciding if this is the best choice for your situation.
Do You Meet the Requirements for Chapter 7?
One thing your lawyer will examine is your income. Your income determines if you qualify for Chapter 7. If you have a high income that exceeds your state's average income, you will not be able to use Chapter 7. If your income falls below this threshold, you do meet the standard. To learn more about this, you will need to tell your bankruptcy lawyer about all your income from the last six months. They need to know about your income from your jobs, and they must know any other source of income you might have received in the last six months.
What Debts Do You Owe?
The final thing that matters to bankruptcy lawyers is your debts. Who do you owe money to, and how much do you owe? If possible, you should create a list of every debt you have, big and small. Based on this list, your lawyer can tell you if Chapter 7 will provide the relief you need. The answer depends on the types of debts you have.
These are the primary things a bankruptcy lawyer will evaluate when you seek advice for your situation. If your lawyer recommends Chapter 7 to you, it will bring you the relief you need. You can learn more about your bankruptcy options by scheduling an appointment with a local bankruptcy lawyer.
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