How to Get Legal Help With Your Debts

Debt can begin to cause great stress for individuals who cannot pay their bills. The harassing phone calls and letters can become difficult to deal with. Thankfully, there is a legal option available to help individuals overcome their debt for a fresh start. With this information, individuals will better understand what they will experience when they file for chapter 7 bankruptcy.

What Is Chapter Seven Bankruptcy?

To file for chapter 7 bankruptcy, a person simply needs to be able to provide their financial records. The financial records should include a list of assets, debt information, and tax records. The more information a person can provide the bankruptcy attorney, the better equipped the attorney will be to help their client decide if bankruptcy is the best option.

To be approved for this type of bankruptcy, a person must pass mean’s testing. Mean’s testing involves measuring the person’s income against the median income of the state they are filing bankruptcy in. As long as the income is not higher than the median, a person can be approved for bankruptcy.

If the person is not approved, they have the option of pursuing chapter 13, which is another option. Once a person has been approved for chapter seven bankruptcy, a court-appointed trustee will be placed over the bankruptcy case. The trustee is given authority to seize the non-exempt assets of the person so they can be sold to pay off the debts.

Get Started with a Consultation

There is no reason for individuals to be forced to keep dealing with the constant harassment of debt collectors. There are legal means of overcoming debt and individuals need to make sure they learn as much as possible about their options.

Meeting with an attorney will give a person all of the information they need so they can decide if bankruptcy is the right choice. If the individual decides to hire the attorney, the attorney will go to work on filling out the paperwork and helping their client through the mean’s testing.

If a person is not approved for one bankruptcy, they can apply for chapter 13. With approval, a person can truly be free of their debts in as few as six months. Once the debts have been paid or absolved, the creditors will no longer have any hold on the individual.

If you are dealing with more debt than you can take care of, now is the time to seek legal help. Call today so your appointment can be scheduled right away.