What Is Chapter 7 Bankruptcy & Should I File?
Filing for bankruptcy can be a stressful process, and understanding the different types of bankruptcy available can be difficult. Chapter 7 Bankruptcy is one option that individuals have when it comes to their financial situation. Generally speaking, this type of bankruptcy involves liquidating assets in order to pay back creditors. For those who are considering filing for Chapter 7 Bankruptcy, understanding what qualifies as an asset and how the process works is essential.
In order to qualify for Chapter 7 Bankruptcy, individuals must not pass the means test – meaning that they do not make enough money to pay back creditors without liquidating assets.
The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.
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