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Is a Chapter 7 Really the Best Solution for You?

Is a Chapter 7 Really the Best Solution for You?

Everyone has heard of a Chapter 7 bankruptcy but how do you know if it is really the best option for you and or your family. When filing a Chapter 7, consider the amount of unsecured debt that you currently have.

Unsecured debt includes credit cards and medical bills. This may also be a good option if debt collectors are constantly harassing you. Though the debt is owed, there are rules governing debt collection practices under the Federal Debt Collection Practices Act. Consider, Chapter 7 bankruptcy if you have any garnishments, repossessions or lawsuits pending. If foreclosure is imminent, Chapter 7 may also be an option for you. If property that has lost its value or a business personal guarantee has threatened to ruin your credit and your peace of mind, Chapter 7 may also be a good fit for you.

Everyone deserves a fresh start and freedom from living paycheck to paycheck. In as little as 3 months, a Chapter 7 filing can be the fastest means of relief and path to credit recovery for those who qualify. Qualifying and eligibility occurs based on a formula referred to as a means test. The means test considers your typical income against living expenses. Bankruptcy and the road to a fresh start can be complicated so call The Gauthier Law Firm, a Dallas, TX based bankruptcy law firm to assist you in filing your Chapter 7.