We Can Help You Determine If You Qualify For Chapter 7 Bankruptcy
Chapter 7 bankruptcy is considered liquidation bankruptcy because many of your assets may be sold to repay your debts. However, it’s a common myth that if you file for Chapter 7 bankruptcy, you will automatically lose your home or car. In fact, many assets are exempt, and each situation is unique.
At Orr & Almond Attorneys at Law, we know how difficult it can be to file for bankruptcy and we want to help simplify the process for you. You can trust us to organize and file the complicated paperwork, so you know that it’s done correctly and efficiently. We will sit down with you to decide if Chapter 7 bankruptcy is the best fit for your situation and work closely with you throughout the process, so you feel informed and confident about your options.
What Makes You Eligible And How We Can Help
To be eligible for Chapter 7 bankruptcy, your household income may need to be below the state’s median income. However, if your income is greater than that, you may still qualify for Chapter 7 bankruptcy if you pass the “means test.”
The “means test” is meant to determine if you have enough disposable income to pay back your debts. If you have above a certain amount of disposable income after your living expenses are paid at the end of the month, you may need to file for Chapter 13 bankruptcy.
Other qualifications may indicate that you’re eligible for Chapter 7 bankruptcy, but it’s unique to each situation. If the amount of your debts equals more than half of your annual income or if it would take you more than five years to repay your debt, that may indicate that you’re likely to qualify for Chapter 7 bankruptcy.
The experienced attorneys at Orr & Almond Attorneys at Law can help you determine which type of bankruptcy filing is right for you. Our legal team will walk you through the process to help you regain financial security.
Call Today For Guidance You Can Trust
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.