Chapter 7, Call Us Today 956-994-8072
Bankruptcy means that someone’s debts are
discharged (paid) through selling off their assets and disposable income. For Chapter 7 Bankruptcy, anyone who has to file must meet certain
maximum income requirements through passing a means test. People who do not meet these requirements
would be forced to use Chapter 13 Bankruptcy, which structures discharge
In order to pass the means test, you would have to make
less than the median household income in your state. Chapter 7 Bankruptcy does
liquidate your assets to use for paying off your debts, however there are often
exemptions based on type of property and the laws in your state. While Chapter 7 Bankruptcy does allow many debts
to be forgiven or settled for pennies on the dollar, there are some, student
loans, for instance, where discharge is not allowed.
In order to find out if Chapter 7 Bankruptcy is right for
For a free legal consultation, please call (956) 994-8072, to schedule an appointment to visit with Bankruptcy Chapter 7 Lawyer Genaro Fraustro.