Before you can file for Chapter 7 bankruptcy, you must first pass what is known as a "means test." This will assess your level of disposable monthly income and your assets. If it is determined that you have a low enough income, you will qualify for Chapter 7 bankruptcy. In this process, you will forfeit your nonexempt property in order to settle your outstanding debts.
The benefits of Chapter 7 bankruptcy include the following:
Contact us today to get more information about the benefits of Chapter 7 bankruptcy.
Start on getting your finances in order with the help of a skilled attorney. Lakewood bankruptcy lawyer Kevin G. Byrd has over 30 years of experience and can guide you through the process step by step. Start by telling us about the details of your situation in a case evaluation. Afterwards, we can assist you with creating a plan of action and help you move forward to a future that's debt free.