This article is for information purposes only and should not be construed as legal or financial advice. If you would like a free bankruptcy consultation with an attorney that serves your city, you can call us at 833-272-3631.
Chapter 7 bankruptcy is a legal debt relief option that may allow some or all of your debts to be forgiven in a discharge. A discharge removes your liability from specific debts. So, if you have a $100,000 unsecured credit card debt, you may not have to continue to pay because the Chapter 7 bankruptcy would remove liability
And Chapter 7 bankruptcy is 100% legal.
In addition, Chapter 7 bankruptcy is often the CHEAPEST and FASTEST option to get debt relief and forgiveness.
But that sounds too good to be true, so what's the catch?
1) Many people must qualify for Chapter 7 based on income.
2) There's a filing fee and potential attorney fees (if you are like many people who hire one). I believe we built the
only free Chapter 7 bankruptcy estimator to help folks estimate a 100% free bankruptcy, but there is a cost for many people.
3) Some people may lose belongings.
Thankfully, we built free bankruptcy calculators to help you estimate each of these three things.
If you have time for just one calculator, you may opt for the first calculator here, where you estimate Chapter 7 qualification, as you will also get an estimate of cost and an estimate of whether you lose belongings.
1. Estimate Chapter 7 Bankruptcy Qualification
An important measure of whether you qualify for a Chapter 7 bankruptcy is based on what’s called the means test. There are two main parts of the means test.
The first part to measure qualification uses the bankruptcy form that compares your average monthly income and compares it to a set median income based on household size and income limit.
You can take the free Chapter 7 qualification calculator below, available in all 50 states, to estimate whether you qualify based on the US government's most recent means testing data.
Once you take the calculator, you will get the results that show a Chapter 7 bankruptcy qualification estimate like the one below. Here's an estimated qualification for a user for Ohio. The calculator is for all 50 states, regardless of where you live.
Let's talk about how much bankruptcy may cost you.
2. How Much Is Chapter 7 Going to Cost You?
It costs $338 to file a Chapter 7 bankruptcy, but those fees could be waived.
In addition, many people hire an attorney, and the fees may differ based on a few important factors.
Take the Chapter 7 cost calculator below to estimate how much Chapter 7 may cost you if you file and whether you may qualify for a Chapter 7 fee waiving.
3. Will You Lose Your Belongings?
Finally, many people are concerned that they will lose their house or car if they file for bankruptcy.
It's possible, but there are bankruptcy exemptions that may be able to help protect your property.
That said, the following free bankruptcy exemption calculator can help you estimate if you may be at risk of losing a belonging if you file Chapter 7 bankruptcy
Are you concerned about your credit score, whether you are able to rent, etc?
I covered a lot in this article, but could cover so much more.
If you have additional concerns about how bankruptcy may affect you, please call me or someone on my team at 833-272-3631.
While I cannot provide legal advice, I can give you the contact information of a bankruptcy attorney who can, and I can ask general informational questions about bankruptcy.
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