Bankruptcy Means Test
A chapter 7 is the easiest way to take care of credit cards, medical bill, and any other unsecured debts. The chapter 7 is a bankruptcy that discharges all unsecured debts. Discharges means that you will never have to pay on that debt and it will fall off your credit when the bankruptcy falls. In filing the bankruptcy you have to qualify, passing what is called the Means Test. It is Income base on average income and expense in different areas.
Your home and car are protected as long as you to continue to make the normal payments. The chapter 7 will not help you if you are behind on the house or car.
The chapter 7 bankruptcy is on your credit for ten years, but that does not mean that you have bad credit for ten years. It gives you anew starting place so in a couple years your credit rating could be back in the 6 to 7 hundreds. It is all about making money and paying the bill that you still have.
Very important if you have questions talk to a bankruptcy attorney and receive the right answers.
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