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When Chapter 7 Is Right For You

When Chapter 7 Is Right For You
"""It is challenging to accept the fact that declaring bankruptcy may be the best financial decision you can make. In most cases, logic dictates that you should do everything possible to avoid reaching this point. However, millions of individuals would not have filed if it were the wrong course of action. You may have made some errors up to this point, but filing is not one of them. One of the best things you can do is schedule a consultation with a competent Chapter 7 bankruptcy attorney and listen to his advice regarding your situation. Otherwise, here are some indications that you should proceed with filing.

Finances

When deciding whether or not to file Chapter 7 bankruptcy, the condition of your finances will be your first consideration. If you are delinquent on your car payment this month, you probably should not consider declaring bankruptcy. However, if you consistently pay your expenses late, something needs to change. Even if you pay your high-interest bills on time but are only able to make the minimum payment, you could be looking at a debt that you will have to pay for the remainder of your life. This is not the proper method to manage your finances. Constant creditor harassment, the prospect of foreclosure, wage garnishments, and the possibility of a lawsuit are additional indications that bankruptcy may be the best option.

Means Test

As part of determining whether you are eligible to file for Chapter 7 bankruptcy, the court will administer a means test, which is a method of determining your actual financial situation. You are not required to schedule an appointment with the courts in order to determine your status in relation to the means test. You can locate the calculator online, input the pertinent information (income, household size, and median income for your area), and estimate your eligibility with a high degree of accuracy. Obviously, you will be better off going through an attorney, who will be able to render a more accurate judgment.

Burden

You can run the calculations over and over, but at some point you must take a step back and assess the impact of your debt on your life. What emotional price do you pay for the privilege of repaying a credit card company? It is commendable to make every effort to satisfy one's financial obligations. However, there is a limit, and you must be realistic about it. Do not sacrifice your health in order to repay a debt that a corporation could care less about. If you must file for Chapter 7 bankruptcy, do so.""

" - https://www.affordablecebu.com/
 

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"When Chapter 7 Is Right For You" was written by Mary under the Finance / Wealth category. It has been read 143 times and generated 0 comments. The article was created on and updated on 01 June 2023.
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