Chapter 7 Bankruptcy is developed for borrowers who are having to deal with economic troubles and are not able to repay their obligations. If your present-day monthly income is over the State Median Income you are going to be needed to carry out a Means Test to figure out if you are qualified for this type of bankruptcy. If you cannot meet the specifications of the Means Test then you may be precluded from declaring a Chapter 7 Bankruptcy and have the option of changing to Chapter 13 Bankruptcy or filing a Chapter 11 Bankruptcy.
The goal of processing a Chapter 7 Bankruptcy is to receive a release of your existing debts. If, however, you are identified to have practiced several sorts of improper habits described in the Bankruptcy Code, your release may be dissmissed off by the Court, and the purpose for which you submitted the bankruptcy case will be defeated.
In particular instances you could be able to retain possessions that you have invested in subject to a legitimate security interest. Some of these alternatives contain what is named redemption and the revival or reaffirmation of an prevailing pre-bankruptcy debt. Your
bankruptcy lawyer can clarify the solutions accessible to you.
