You may be wondering if you should file for Chapter 7 in Richmond. Bankruptcy isn’t an easy decision to make. Many consumers think they can’t file because of the new bankruptcy laws. While filing may be difficult, it isn’t impossible. You have to meet certain criteria. New bankruptcy laws were made at the request of creditors in 2005. This is because to many people got irresponsible with credit. Chapter 7 in Richmond is commonly chosen, but the courts decide if you are eligible.

Chapter 7 in Richmond is ideal for those with no tax debt, no students loans, and income falls below the median level for their state. If you have few assets to lose or can’t meet your monthly expenses you may be a good candidate. Chapter 7 is often called liquidation since your assets may be converted to cash and sold. Courts decide if you qualify for Chapter 7 by a means test. A means test compares your wages to the average wages of a family of your size in your state. If you fail the means test, you must file for Chapter 13.

One new bankruptcy law states you must attend credit counseling after you file. This counseling is through a government approved agency and you must get certification to proceed with bankruptcy. An income certification form must be complete before you start the counseling sessions. You will also have to fill out a budget sheet. You give these forms to the court clerk before you can file a petition for bankruptcy. Credit counseling can be done in person and over the telephone relying on the company.

Not many people know the law well enough to represent themselves. This is why you ate urged to hire a lawyer. They can make the process faster and more accurate. If you make a mistake on a form, it could delay the proceedings or even get the case dismissed. That is the last thing you need to happen. A lawyer is well worth the money you spend.

Chapter 7 in Richmond is one possible means of clearing debts. It should only be used when you see no other choices since it can impact credit. You will rest better at night knowing you are free of debt.
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