Chapter 7 bankruptcy is known as liquidation bankruptcy, and this is the best option for an individual who is most in need of debt relief. You do have to qualify and meet certain requirements in order to be able to file for Chapter 7 bankruptcy, and once you do it will allow you to eliminate any debt owed that is eligible. Certain debts are not eligible and can’t be forgiven such as taxes, alimony, child support and student loans. These are the requirements you will need to meet in order to be able to file for Chapter 7 bankruptcy:
- Your debts need to total more than your annual income
- It would take you more than five years to pay off your debt even with extreme measures
- Your debt interferes with other aspects of your life and health
- You have no disposable income
- Your monthly income is below the median level in your state
Give us a call at 916-458-5190 for help with your bankruptcy concerns or fill out the inquiry form below to schedule a thorough case evaluation with our team.