Do You Qualify for Chapter 7 Bankruptcy? 

Yee Law Group Inc. > Do You Qualify for Chapter 7 Bankruptcy? 

Filing for bankruptcy is a big decision to make, but you do not need to feel like it is the end of your financial security. In fact, for some people, it can be the very beginning of creating financial freedom. You should always consult with a Chapter 7 bankruptcy lawyer before making any big financial moves. A lawyer will be able to walk next to you every step of the way so that you can move forward with confidence, knowing you are doing the right thing for yourself and your family. 

Do You Qualify for Chapter 7 Bankruptcy? 

Before doing anything you need to see if you even qualify for Chapter 7 bankruptcy. Your lawyer will see what your assets add up to and what your income looks like to determine whether or not you qualify under your state’s means test. If you do not qualify, you may need to look into filing for Chapter 13 bankruptcy instead. 

Do You Want to Liquify Your Assets? 

Chapter 7 bankruptcy requires you to liquidate any assets that are not exempt by the court so that you can quickly pay off the debts you owe. Then, any debt that is not paid back from the liquidation is forgiven so that you can have a fresh start. This is a good way to quickly get out of this seemingly difficult situation, but does mean that you will need to sell many of your assets to begin moving forward. 

Are You Unable to Pay Back Your Debts? 

One thing you should take a look at before deciding to declare bankruptcy is your spending habits. If there is anything that is unnecessary that you do not need to be spending money on? Is there anything that you could live without or do to downsize your home or other expenses? If not, it may be time to consider filing for bankruptcy. 

Consult with an Experienced Lawyer

Your best chance at having financial success in the future is consulting with a good Chapter 7 bankruptcy lawyer today to see what your best options are. He or she will be able to go over your finances in great detail to determine what steps you should take moving forward. This will allow you to let go of all the financial stress you have been harboring and find a path to financial freedom once again. Your lawyer can be open and honest about what the best path to take may be, then you will ultimately choose what you think is best after hearing about all of your options. Even if you choose something different than what your lawyer says is best, you will still want to keep legal representation throughout the process of filing for bankruptcy so that you do everything correctly. The worst thing that could happen would be making a mistake that forces you to backtrack. The sooner you hire a lawyer the faster you will be able to get your life back on track.