How To File For Bankruptcy Chapter 7

It is not easy for just anyone to file for a chapter 7 type of bankruptcy

. This is very true today. The reason behind this is because of the new bankruptcy law under the BAPCPA made last October 2005. Any person who decides to file bankruptcy must complete a list of requirements that indirectly influence a person to file a bankruptcy chapter 7. One of the requirements is to attend a credit counseling session. A person must complete the duration of this session and must provide a documentation of his or her attendance as a proof that he or she underwent such counseling. Credit counseling agencies provide these services for you and they will likely give you a repayment plan which in turn can make you file for a chapter 13.

How to file for bankruptcy chapter 7? There are a lot of ways to file bankruptcy chapter 7; you can do it online at the comforts of your home. You just need to have a computer and an internet connection. You can also file a bankruptcy chapter 7 without a lawyer. This means you are going to do most of the work. This can be risky if you make mistakes in your papers but if money is really not an issue, then this can be done.

You should also watch your income. If you are a person who earns with above average income then filing for bankruptcy can be difficult and most likely you will not meet the qualifications for eligibility. The only way to solve this is timing. If you think your income will drop below average then just wait for that time to file your bankruptcy. The chances of you qualifying for eligibility are higher than if you filed bankruptcy with a prior income that is above average. Timing is everything in filing for bankruptcy.

For a person to be eligible to file a chapter 7, a person must past a means test. This test determines the true capability of a person to pay his debts. Passing the test means that a person has no other way of repaying his debts and failing means that a person is just faking it and want to file bankruptcy just to get his debts off his backs. Among the four types of bankruptcy, chapter 7 is the fastest to file and gives the best relief by quickly eliminating the debt of a person. The only downside to this is that you can only file chapter 7 every eight years.

The best way I can suggest on how to file for bankruptcy chapter 7 is to hire a petition preparer and a bankruptcy lawyer to prepare your papers or documents. You will only need to spend money for their flat fee. You can take your documents and file them on court when they are done. Hiring a professional to do your papers avoid the risk of mistakes that you are more likely to have if the papers were prepared by someone inexperienced. For more support on how to file bankruptcy, visit the link below.

by: Steve

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