Common Issues in Filing Bankruptcy Riverside
- An individual can be qualified if he got the prerequisites through the ‘means test’. It is a method that is used to reveal if the indebted person’s income isn’t enough to file.
- This chapter is recommended for people who have a little income and experiencing difficulty paying their obligations.
- The means test will assess the capability of the client by eliminating the month to month expenses from the income. It enables the client to find his disposable income and look at it from the average disposable income of other members of the family.
- If the disposable income is lesser than the average disposable income the borrower can be eligible for chapter 7 bankruptcy.
Therefore, if the client’s disposable income is higher, he can’t be qualified to file. A bankruptcy attorney may offer another solution for a debtor. Some occasion the account holder can file for chapter 13 bankruptcy if his disposable income is too high to meet the prerequisites.
Where Should a Debtor File for Bankruptcy?
- The client must file his case in the locality where he resides or has lived throughout the previous a 180 days to petition for chapter 7 bankruptcy. The filing is as easy as filling out a form and file it in the correct district. Do not hesitate to ask for assistance from bankruptcy practitioners such as Moreno law firm to check the potential options before filing a case. It is to anticipate the eventual outcomes it might bring in the future.
To petition for bankruptcy is to endure some serious outcomes and must not be chosen without having some sound thinking. There are three things that the client must know before diving into bankruptcy which involves:
- Does the client badly need the relief? If he is being pursued by his lenders, the house is heading towards foreclosure, if he is undergoing wage garnishments then he can be rescued by a foreclosure defense riverside.
- Is the debtor entitled for filing chapter 7 bankruptcy relief? The customer must go through the means test and be qualified. Nonetheless, if he didn’t meet all requirements to file for chapter 7, he can ask a bankruptcy lawyer to file chapter 13 if ever possible.
- Will the bankruptcy be the best option to make the situation better? Remember that not all of the debt is cleared in bankruptcy. Alimony, child support, student loans, and unpaid income taxes are the things that are not dismissed during bankruptcy proceedings.