Only those who meet the criteria may make an application for Chapter 7 bankruptcy. There are also chapter 13 bankruptcy alternatives for those that aren’t eligible to file a chapter 7 as their earnings is excessive. They have to repay their debts in a 3-5 time period.
Chapter 7 bankruptcyes don’t need to be reimbursed. That’s right. Chapter 7 bankruptcies eliminate your dischargable debt. This means that your debt disappears.
Two aspects are crucial in determining if your application is eligible. First, you cannot make bankruptcy filings under Chapter 7 more than once in 8 years. A means test is used to determine whether you’re eligible for bankruptcy.
The household’s average earnings for six months is determined by means tests. It is based on the size of your family and the location you live in could affect the result.
There are many online resources that can help give you a general notion of whether you are eligible for Chapter 7 bankruptcy. An estimate is generated using your name, your estimated monthly earnings, and also the total number of household members. The estimated income to determine the eligibility criteria for you.
Visit the following link to learn more about Chapter 7 bankruptcies.