When a person becomes overwhelmed with debt, they can feel like they have lost control of their finances. As debt continues to mount, a person can feel like throwing up their hands and giving up. Thankfully, the Attorneys in Glendale AZ can offer a person a solution to help them with their debt. Chapter 7 is an option for people who need their debt settled as quickly as possible. There are some requirements a person must meet to ensure they are able to be approved for this type of bankruptcy.
The main requirement of being approved for chapter 7 is passing a Mean’s Test. This type of testing ensures those with too high of an income are not allowed to file. Chapter 7 is a type of bankruptcy that is meant for lower income individuals who truly cannot afford to pay off their debt. Even those with higher incomes can be eligible if their debt amounts exceed their income.
A Mean’s Test measures a person’s income against the median income of their state. This limit changes on a regular basis so it is important a person meets with the Attorneys in Glendale AZ so they can discover if they can pass or not. The attorney can guide a person in making a sound decision on whether or not this type of bankruptcy will be a viable option for them to file.
If a person is approved for chapter 7, they will be required to surrender any assets they own that are above the essential assets such as a home, car, furniture, and clothing. These assets are liquidated to pay down the debts a person owes. A trustee is placed over the case to ensure all of the assets are properly liquidated. They can also absolve some types of debts so they are completely forgiven.
Visit so you can learn more about chapter 7 to determine if you would be a good candidate. Call today and schedule your consultation appointment to get started on the process. With this bankruptcy, you can be free of your debt.
