An Example of Choosing a Chapter 7 Bankruptcy

: Chris Lee Law Firm

  Filed under: Chapter 7

chaper 7, bankruptcy, attorney, attorneys, lawyer, lawyers, dallas, texas, tx, fort worth, mckinney, hurst, law firm, tx, bankruptcy process, debt collector, chapter 13,Most often when individuals are filing for bankruptcy they soon become confused as to which chapter they should choose. Really what it comes down to is what chapter do they qualify for and this is going to be determined by the criteria that are set for these forms of bankruptcy relief.

Usually individuals that qualify for a Chapter 7 bankruptcy are those that have been unemployed for a fairly lengthy period of time. It could be that their unemployment situation has resulted in their not being able to pay their normal debt load. Often this includes a great deal of medical debt. Normally it does qualify for the Chapter 7 and these individuals don’t have many assets.

While there is also the Chapter 13 bankruptcy that may be brought into consideration this is totally different, and this is why an individual needs to know which chapter is going to be the one that they will qualify for.

It is highly important that individuals seek out an expert such as a qualified bankruptcy attorney that will not only ensure that they are applying for the right Chapter but will assist them through the entire process of the bankruptcy itself.

Bankruptcy is a great form of debt relief but it can be complex and this is why it is important to have expert help. There will be certain exemptions that will be applicable to the individual that will not be taken in to their bankruptcy action. This is all going to depend on the state for the bankruptcy is filed and which exemption list is used.

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