Can You File for Chapter 7 Bankruptcy?
The requirements for an individual to qualify to file for Chapter 7 bankruptcy protection are much stricter than those which are in place for Chapter 13 filings. Chapter 7 bankruptcy, also commonly known as liquidation bankruptcy, offers a potent means of eliminating a debtor’s outstanding financial obligations in exchange for the sale of some of their assets and property. However, this ability to quickly discharge debts can help debtors deal with their creditors and move on with their lives faster, making Chapter 7 bankruptcy very attractive to many debtors.
If you have become overwhelmed by your debts, Chapter 7 bankruptcy may be ideal for you. To discuss how this type of bankruptcy works and for help determining your eligibility, contact Florida Chapter 7 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.
Chapter 7 Bankruptcy’s Eligibility Requirements
Under the law, debtors cannot file for Chapter 7 bankruptcy without fulfilling the complete list of requirements. Some of the major eligibility requirements for this type of bankruptcy include the following:
- Cannot have filed within the past 180 days if dismissed
- Cannot have filed within the past 8 years if debt was discharged
- Cannot defraud creditors
- Must pass the means test
- Must not have enough money or assets to pay back creditors in full
Bankruptcy can be a fresh start for a person in need of a way out of a nightmarish financial situation. To discuss how we may be able to help you file for bankruptcy protection, contact Florida Chapter 7 bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.