How To Qualify For Chapter 7 Bankruptcy
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If you are struggling to make ends meet, Chapter 7 bankruptcy may be a way for you to make a fresh financial start. It can eliminate certain debts through asset liquidation and allow you to walk away debt free. In fact, once the debt has been discharged, you can start rebuilding your credit.
Filing For Chapter 7 Bankruptcy
If you are thinking about filing for Chapter 7 bankruptcy, let The Law Offices of Randy Lee Bumgarner help. I am attorney Randy Lee Bumgarner, and I have been practicing law for three decades. No matter the situation, I always put my clients first in bankruptcy, divorce and criminal defense cases. Contact me for a free initial consultation. I have office in Oklahoma City.
Qualifying For Chapter 7 Bankruptcy
You must pass a means test before you can file for Chapter 7 bankruptcy. The means test is used to verify that you don’t have the means to resolve your debt through other methods.
According to the U.S. Census Bureau, the 2008 median household income in Oklahoma was $42,822. If your income falls below that, you will qualify for Chapter 7 bankruptcy. However, if your income is above $42,822, you may still qualify. Rest assured, I will always take the time to explain how the means test works, answer any questions that you may have and help determine whether you qualify.
Online Bankruptcy Means Calculator
If you would like to learn more, visit the Nolo bankruptcy means calculator. The calculations are based on personal information that you input, including your ZIP code, family size and family income. The calculations also take taxes, monthly bill payments and allowable deductions into consideration.
Before deciding to file for Chapter 7 bankruptcy protection, I highly recommend that you consult with an experienced bankruptcy lawyer. Bankruptcy is a fairly complex legal area, and you want to make the right decision for yourself and your family.
For a free initial consultation with an experienced Chapter 7 bankruptcy lawyer, contact me today.
The Law Offices of Randy Lee Bumgarner is a debt relief agency, helping people file for bankruptcy under the Bankruptcy Code.