Eligibility for Filing under Bankruptcy Chapter 7

The most common form of applying for Bankruptcy is through chapter 7. And, the people, who are applying under it, have to prove to the court that they cannot repay back the debts, in any possible way. One can employ affordable Bankruptcy Chapter 7 lawyer in Santa Ana, for fighting the case, and for getting it filled. Know all about the eligibility criteria for filing under this law.

Eligibility criteria:

To qualify for the relief under this Chapter 7, the debtor can either be an individual, a corporation, business entity, or even a partnership.

The person should not have wilfully failed to appear before court in a previous bankruptcy petition in the last 180 days, and thereby making the petition dismissed.

He should have received a credit counselling from approved credit counselling agencies, in the preceding 180 days. Also, any debt management plan developed during the credit counselling, should be filed and duly submitted to the court.

When a person files under this Chapter 7, he would be excused from making any payments on the unsecured debts that he might have taken. And, he would also be allowed to keep the assets with him, including homes, cars, cash, and retirement accounts. So, hiring a local Bankruptcy attorney, who knows the law, can be quite useful.

The main reason for applying for bankruptcies is to get a fresh start on life. And, the main purpose of the law, is to enable such people to get a fresh lease of life. When the person does not have to worry about his previous debts, he would be able to continue with a new set of business. It is a law with which the honest people can be given a second chance.

The flow of a typical Bankruptcy case under Chapter 7 will start with an initial client interview. And, the client would be provided with a complete credit counselling. The case will be processed then, along with a review meeting with an attorney. The case would be filed electronically, and the date would be finalized. After all the formalities are completed, there would be a deadline given for any kind of objections. And, if there are none, then the case will be discharged and closed. And, if one makes use of the affordable Bankruptcy Chapter 7 lawyer in Santa Ana, one will not have to worry about heavy legal fees, as well.

There are certain eligibility criteria for filing under Chapter 7. If one makes use of the affordable Bankruptcy Chapter 7 lawyer in Santa Ana, one will not have to worry about heavy legal fees.