When individuals are facing personal financial ruin, and cannot pay their debts, Chapter 7 bankruptcy filing could be an option. This form of bankruptcy “discharges” debt. This means that the credit cards, medical bills and other bills that are causing you stress and concern will be discharged and you will be free of the debt and the related worry it has been causing you. In order to be eligible for Chapter 7 bankruptcy, you must take a “means test”.
This test determines whether you will qualify for the filing. When not eligible, you may be able to file a Chapter 13 bankruptcy. When taking the means test, it is critical that you get assistance from a Carlsbad bankruptcy lawyer to help you with the test. As most individuals do not understand how the test works, if they fill it out incorrectly they may be denied the opportunity to take advantage of Chapter 7. At Legal Objective, the attorney will assist you every step of the way, and ensure that your paperwork is correct. The means test is a thorough investigation of your complete financial situation that determines if you have the “means” to pay off the outstanding debt. This change in bankruptcy law was enacted to ensure that those who actually could pay off their debt did not have the opportunity to discharge it.
Bankruptcy Lawyer in Carlsbad, North County, San Diego.
When individuals and families are facing overwhelming debt that cannot be paid, and have been juggling payments, getting deeper and deeper in the red, there are federal laws to protect you. You are given the outstanding opportunity through Chapter 7 to discharge your debt and make a fresh start. At Legal Objective, the bankruptcy lawyer works together with the client to determine how to resolve the debt issues your are facing, and to advise you how to deal with them through the legal option of bankruptcy filing. There are certain legal requirements that must be met, such as debt counseling within the past 18 months. The attorney can direct you to a state-approved debt counseling agency and get this requirement fulfilled quickly. Proceeding with a Chapter 7 bankruptcy filing can give you the new financial start you so badly need when you cannot pay your debts. A free initial consultation is offered by the firm to answer your questions.
Contact a Carlsbad Bankruptcy Attorney from Legal Objective if you are facing overwhelming debt and are considering filing for Chapter 7 bankruptcy.
