Online dating pros vs cons of bankruptcy
With certain exceptions, people with big incomes suffering serious cashflow problems, must seek reorganizational relief through Chapter 13.That said, you don’t have to be flat broke to qualify for Chapter 7.To begin at the beginning, you must determine where your income fits compared to the median income in your state.If it’s lower than the median income for a household of your size in your state, you’re in. Conversely, if your income is higher than the median for a household in your state, you have complicated work left to do.However, if even your credit counselor agrees that bankruptcy is the best solution for your financial woes, then you know, at least, you are on the right path.The question then becomes: Do you qualify for Chapter 7 bankruptcy?Trustee: The court-appointed liaison who oversees your case.
Among the forms are part of the “means test” mentioned above.
Yes, we’re talking about bankruptcy, specifically Chapter 7 bankruptcy.
Chapter 7, also known as “straight bankruptcy” or “liquidation bankruptcy,” is probably what most people imagine when they think of bankruptcy at all, but there are qualifying standards that mean not everyone can take advantage of it.
So, chances are, you’ll keep your family room sectional and the big-screen HDTV on the wall opposite.
However, that sweet 1968 Corvette you hide in the garage probably is going on the auction block. It all comes down to property that is considered exempt (home, car used for work, retirement savings, etc.) and nonexempt (second home/car, art, jewelry), a condition that varies from state to state. Chapter 7 is designed not merely to get a drowning creditor back onto dry land, but also to make certain he (or she) has sufficiently firm footing to make a new start.
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The key question posed by bankruptcy laws: Do you have enough income above allowed monthly expenses to pay off some portion of your unsecured debts?