Reasons you can’t file chapter 7
Filing a chapter 7 bankruptcy is the quickest way to discharge unsecured debts. It stays on your credit for ten years but because of the way it works you can start rebuilding your credit faster than a chapter 13 because of it being a three to five year plan.
But to file the chapter 7 you have to qualify, under the new law you can not make too much money. It has guild lines for a single person up to a family as far as what your food and other expenses should be. If you are over this then you have to go into a chapter 13 and pay something to the unsecured creditors.
The next reason is assets, We are allowed certain things our house car and personal belongings. If you have rental property, time shares, lake lots, A baby grand piano, boats, airplanes, stocks, bonds, and any other such things that have a cash value. If you do you would need to give that idem to the bankruptcy trustee and let him sell it or go into the chapter 13 and pay to the creditors the value of it.
Not every one can file a chapter 7 but you would need to talk to a bankruptcy attorney to find out what you do qualify for.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
