Qualifying For Chapter 7 Bankruptcy
If you are below the median average household income and you pass the means test, in most cases you will be eligible to file a Chapter 7 bankruptcy. However, there is also a substantial abuse factor that is considered when filing a Chapter 7 bankruptcy. If your present income after your expenses is so high that it appears a Chapter 7 bankruptcy was filed in bad faith, the bankruptcy trustee or a creditor may object to your Chapter 7 bankruptcy plan.
If you’re still wondering if you’d qualify for a Chapter 7 bankruptcy, please contact our bankruptcy attorneys at the Cook Law Firm today!
Mortgage paperwork mess: Next housing shock?
(CBS News) If there was a question about whether we’re headed for a second housing shock, that was settled last week with news that home prices have fallen a sixth consecutive month. Values are nearly back to levels of the Great Recession. One thing weighing on the economy is the huge number of foreclosed houses.