When it comes to debt, there are few things more stressful and heart wrenching than not finding a way to make ends meet, especially if there is a family to take care of at home. Financial situations change, overspending can happen, and thus begins a financial crisis. Should there become a financial hardship and debt begins to pile up with no end in site, filing for chapter 7 bankruptcy in Wellington FL may be the solution. So, what is a Chapter 7 case?
Chapter 7 Details and Qualifications
- Chapter 7 Details. Filing a Chapter 7 bankruptcy case is the liquidation of any non-exempt assets to help repay the debts to the creditors. A trustee is hired to determine the details of any assets and will be in charge of making sure the items are accounted for and sold.
- Chapter 7 Qualifications. The qualifications for filing a Chapter 7 include not having an income that is over the state median on a monthly basis as well as taking a means test that looks into the individual’s financial history. This includes any secured and unsecured debts, income, and expenses.
While the thought of bankruptcy can be horrifying and feel intimidating, there is a large benefit to filing bankruptcy.
Bankruptcy provides a fresh start. The overall goal of filing for bankruptcy is to relieve the individual of certain items causing a lot of debt. Taking these debts away allows individuals to start rebuilding their lives. While a bankruptcy can remain on their credit report for a minimum of seven to ten years, individuals who file can begin building credit as soon as the case has been filed. This is due to a lot of debt becoming discharged in the bankruptcy. In most cases, certain types of credit will be available almost immediately.
Bankruptcy does not have to be a hard process. Hiring an attorney to represent an individual in a case is advisable to make sure the process is clear and free of error. For more information on what a Chapter 7 Bankruptcy in Wellington FL case can do as well as information on obtaining an attorney for representation, browse our website.
