The high rate of personal bankruptcy in the United States makes sense when you consider that 43 percent of households in this country outspend what they earn annually. Even famous people file for bankruptcy, as do sports teams. The Pittsburgh Penguins, with the help of an excellent bankruptcy lawyer, actually filed for bankruptcy twice, once in 1975 and again in 1998. The financial difficulties leading to bankruptcy do not discriminate based on wealth or education. In fact, over 27 percent of bankruptcy filers have, at minimum, a bachelors degree.
There a number of benefits of filing bankruptcy, but first you must make sure you get all of the Chapter 7 bankruptcy information you need from a good bankruptcy lawyer. Your first question for your bankruptcy lawyer when seeking Chapter 7 bankruptcy information should be, “can I file for bankruptcy?” The answer your bankruptcy lawyer provides you will most likely be in the affirmative. As long as your income does not exceed the median income in your state for a family of your size, you are permitted to file for chapter 7 bankruptcy. If your income does indeed exceed the requirements for chapter 7, you can file for chapter 13 bankruptcy. Regardless of which chapter you are lawfully permitted to file under, your bankruptcy lawyer can help you navigate the bureaucracy.
Another question worth asking is, “what will be the cost to file bankruptcy?” The answer will depend on your own particular situation. The cost of filing documents is standard, but you may pay more or less depending upon how complicated your bankruptcy is and how much time and help you need from your bankruptcy lawyer.
One piece of chapter 7 bankruptcy information you should know before you file for bankruptcy online is that there are certain debts that bankruptcy will not discharge, meaning that in some cases, even after you have declared bankruptcy, you will still be on the hook for paying some types of debt, including back taxes and student loans. Thus, if the vast majority of your debt is tied up by money owed to the IRS or the Department of Education, your bankruptcy lawyer may say that filing for bankruptcy is not be the right choice for you.
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