How to Qualify for Chapter 7 Bankruptcy – Finance Training Topics

How to Qualify for Chapter 7 Bankruptcy – Finance Training Topics

The bankruptcy process is a complicated one. Companies and people filing bankruptcy should be aware with the different types of bankruptcy, chapter 13 or chapter 7. In the case of any company that has no viable future, Chapter 7 bankruptcy is the best option. Chapter 7 bankruptcy can be employed to pay off unmanageable loans. This type of bankruptcy is offered to those who own sole proprietorships, corporations and partnerships. Robert Flessas, Attorney, describes how to file for chapter 7 bankruptcy.

In the event that you are in debt, it is not a prerequisite from filing chapter 7. It is only possible to file this type of bankruptcy once every the span of eight years. Additionally, your income must be in line with the median income requirements. Other than the size of the household and the state in which you reside, the test for median income is calculated based on the average income over the last six months. Chapter 7 bankruptcy attorneys will assist you with filing bankruptcy. They can guide you through the process and helping you appear in the court. ygeof19uvr.

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