If you are eligible to file to be eligible for chapter 7 bankruptcy is one of the most frequently inquired about question related to bankruptcy. Individuals or businesses who are filing bankruptcy must be aware of two kinds of bankruptcy that are available, which is chapter 13 as well as chapter 7. For any business with no feasible future, Chapter 7 bankruptcy is the preferred choice. Chapter 7 bankruptcy can be employed when there is an insurmountable amount of commercial loans. People who are in partnerships, corporations or sole proprietorships can be eligible for this form of bankruptcy. Robert Flessas, Attorney, provides instructions on how to file chapter 7 bankruptcy.
However, being in debt does not immediately mean that you don’t have the right to make a chapter 7 application. This type of bankruptcy can be filed only once every 8 years. Your income must also meet the minimum income requirement. Median income tests will take into consideration your current income over six months. An attorney that specializes in Chapter 7 bankruptcy will help you file for bankruptcy. They’ll guide you through the entire procedure as well as represent you in the court. 7uf3yilaun.