Learn more at http://SargentLawNC.comChapter 7 bankruptcy is the most common form of bankruptcy — it’s a no asset plan. To qualify your assets will have to be above the state-mandated exemption level. You’ll also have to pass a “means” test that ensures your income is no greater than the median income for your area. If your income is higher than this you may have to file a Chapter 13 bankruptcy. A chapter 7 bankruptcy will typically be discharged after 100 days from the date of filing and you’ll be on your way to a fresh start.Video Rating: / 5What is Chapter 7 Bankruptcy?
Learn more at http://SargentLawNC.com
Chapter 7 bankruptcy is the most common form of bankruptcy — it’s a no asset plan. To qualify your assets will have to be above the state-mandated exemption level. You’ll also have to pass a “means” test that ensures your income is no greater than the median income for your area. If your income is higher than this you may have to file a Chapter 13 bankruptcy. A chapter 7 bankruptcy will typically be discharged after 100 days from the date of filing and you’ll be on your way to a fresh start.Video Rating: / 5
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