How can Chapter 7 Bankruptcy Help?
A Chapter 7 Bankruptcy is Used to discharge unsecured debts. Unsecured debts are usually credit cards and medical bills. Some other examples would be a car that has been reposed, a broken apartment lease, cell phone contract that went bad, and any other similar debts.
The chapter 7 will not help save your home or car that you have fallen behind on and if you want to keep them you need to continue to pay for them. Usually you will reaffirm the debt.
The chapter 7 bankruptcy can help you if you owe the IRS money, but there are lots of rules. If you have not filed the taxes on time then the chapter 7 will not help at all.
Student loans are nonchargeable in any bankruptcy.
When the bankruptcy’s laws changed in October 2005 you have to qualify by passing a Means test. This is base on income and family size.
This is were a bankrupatcy attorney can help by using your last six months of income and expenses.
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