Chapter 7 bankruptcy is a great solution for those who are struggling to make their monthly payments. Tampa law firms offer assistance with Chapter 7 bankruptcy proceedings. They’ll help you get back on your feet quickly.
If you’re considering filing for Chapter 7 bankruptcy, it’s important to understand the process and how it can benefit you.
Chapter 7 bankruptcy is a great solution for people struggling to meet their monthly debt obligations. This includes things like medical bills, credit card payments, vehicle payments, and more.
If you think filing for Chapter 7 could help you deal with overwhelming debt, Tampa law firms offer assistance with filing. They can also help you determine if you qualify for Chapter 7.
In order to qualify for Chapter 7 bankruptcy, you must pass the means test. This test looks at your income and expenses to see if you can afford to repay your debts. If you don’t qualify for Chapter 7, you can still file for bankruptcy. In these cases, a person usually opts to file for Chapter 13, which offers less aggressive debt relief.
If you do qualify for Chapter 7, and your case is successful, you’ll receive discharge of many or all of your debts. This means you’ll no longer have a legal obligations to repay what you owe.
Keep in mind, not all debts qualify for discharge. This doesn’t mean you can’t file for Chapter 7. It does, however, mean that you’ll still need to pay what you owe on these debts.
For example, unpaid child support expenses cannot be discharged in bankruptcy.
Despite the lack of discharge, though, Chapter 7 can still be helpful in these cases. It will free up money to put toward non-dischargeable debts you currently cannot afford to pay.
If you want to learn more about Chapter 7, Tampa law firms in your area can provide more information.