Chapter 7 Bankruptcy is made for debtors who are having to deal with fiscal problems and are not capable to repay their financial obligations. If your current monthly income is above the State Median Income you are going to be demanded to perform a Means Test to determine if you are qualified for this sort of bankruptcy. If you cannot meet up with the needs of the Means Test then you could be forbade from submitting a Chapter 7 Bankruptcy and hold the alternative of switching to Chapter 13 Bankruptcy or processing a Chapter 11 Bankruptcy.
The goal of filing a Chapter 7 Bankruptcy is to receive a discharge of your existing obligations. If, however, you are discovered to have practiced specific sorts of inappropriate behavior referred to in the Bankruptcy Code, your discharge might be dissmissed off by the Court, and the purpose for which you registered the bankruptcy case will be beaten.
In selected instances you could be able to keep possessions that you have bought governed by a reasonable security interest. A few of these options include what is referred to as redemption and the restoration or reaffirmation of an existing pre-bankruptcy debt. Your
bankruptcy lawyer can make clear the choices available to you.
