Requirements for Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is a form of debt relief that allows individuals to have their debts discharged through court proceedings. The requirements for filing Chapter 7 Bankruptcy are strict, and applicants must meet certain criteria in order to be considered. First, they must demonstrate that their income is below the median level for their state of residence. Second, they must pass a means test proving that their ability to pay back creditors would be significantly hindered by their current financial situation. Third, they must provide detailed information about all of their assets and liabilities including mortgages, car payments, credit card balances and other forms of secured or unsecured debt. Finally, applicants may need to attend a “meeting of creditors” which is held by the bankruptcy trustee assigned to the case where questions will be asked about any potential assets or fraud related issues before allowing the process to move forward.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
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