Roswell Bankruptcy: Discharging Debt in Chapter 7
The federal bankruptcy laws allow certain debts to be discharged. If you receive a discharge, you will no longer be legally obligated to pay back that debt. Certain debts cannot be discharged. These include child support, spousal support and most income taxes. Generally speaking, debts that can be discharged are unsecured debts, such as medical bills, credit card bills and personal loans.
Discharging Debts in Roswell Bankruptcy
The recent economic downturn has hit many individuals and families hard, and the Roswell area has had its share of financial problems. The unemployment rate has spiked in Roswell 2010 and 2011. Many people lost their jobs, or their hours were reduced. Others face financial hardship due to an unexpected illness, accident or other medical condition. No matter what your situation is, at the Cherney Law Firm, a Roswell bankruptcy lawyer can help you determine if filing Chapter 7 will give you the relief that you need.
Filing Chapter 7 Bankruptcy
While Chapter 7 bankruptcy has more eligibility requirements than it did prior to 2005, most people suffering unmanageable debt will qualify. To file Chapter 7, the first step is to determine if you qualify based on your household income. Whether or not you qualify will be based on the “means test.” This test measures your income against the median income in the state where you intend to file. If you pass the means test, you have not received a discharge in a Chapter 7 filed within the past 8 years, and your debt exceeds your income, you may be a candidate for a Chapter 7 bankruptcy. If you have credit card debt that is unmanageable, medical bills that you cannot pay, or are suffering from any other form of financial stress you deserve to find out your options.
Contact the Cherney Law Firmfor information about discharging your debt through Chapter 7, as well as information about Chapter 13 or alternatives to bankruptcy.