5 Key Requirements To Qualify For Chapter 7 Bankruptcy
Chapter 7 bankruptcy offers a fresh start by discharging most unsecured debts, but not everyone qualifies for this form of debt relief. Congress established eligibility requirements to prevent abuse of the bankruptcy system and direct higher-income filers toward Chapter 13 repayment plans. Understanding whether you meet these requirements helps you determine if Chapter 7 is a viable option for your financial situation. Our friends at Pioletti Pioletti & Nichols note that Chapter 7 bankruptcies constitute the majority of consumer bankruptcy filings, providing relief to hundreds of thousands of Americans each year who cannot pay their debts. When you're considering bankruptcy relief,...
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