A Few Things You Need To Know When Filing For A Chapter 7 Bankruptcy

Despite doing every possible solution, people and even businesses will experience a kind of financial crisis where debts and interests just seem to endlessly pile up, in the end the most practical choice would be to file for bankruptcy. The filing process isn’t incredibly complicated but if you want the stress free option, hire bankruptcy lawyers San Diego. Bankruptcy lawyers have handled cases similar to the ones you’re going to file, so you can confidently leave everything up to them. But before filing for Chapter 7 Bankruptcy, read up on exactly what it is.

Chapter 7 Bankruptcy

Basically, people who are buried under huge amounts of debt are qualified to file for Chapter 7 Bankruptcy. The main goal here is to wipe away all the debt that the person won’t be able to pay in order to earn a clean slate and successful return to the financial mainstream. Do take note that Chapter 7 Bankruptcy category does have limitations. For one, those that received official discharge from earlier Chapter 13 case are required to wait a minimum of 6 years from the time that the Chapter 13 case was filed before they get qualified for a Chapter 7 case.

Do take note that laws are complicated and a lot is riding on the way the earlier Chapter 13 case was handled and filed, so it’s crucial to review all issues with bankruptcy lawyers San Diegoif you’re not confident that you can avail a Chapter 7 relief. Issues or clarifications may arise too if the person filing is considered as a high income earner. The ‘Means Test’ may enter the picture and stop you from qualifying but don’t fret because considerable relief from debt is still possible through the Chapter 13 Bankruptcy.