Chapter 7 Bankruptcy

Bankruptcy filing in new smyrna, port orange, edgewater, oak hill

Chapter 7 Bankruptcy

Often referred to as a "fresh start", Chapter 7 bankruptcy could be the financial relief tool to help you. The reason is most (but not all) unsecured debts are discharged (i.e. eliminated) such as
credit card debt,
utility bills,
medical bills,
payday loans.

Chapter 7 bankruptcy comes from the United States Bankruptcy Code and this determines the qualifications for who can file a Chapter 7 bankruptcy. They are:
No prior bankruptcy in the past 6-8 years (depending on the type of bankruptcy previously filed)
Pass the means test

Learn more about Chapter 7 Bankruptcy including the advantages and disadvantages.
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Chapter 7 Bankruptcy filing in new smyrna, port orange, edgewater, oak hill


Step 1: Let's Talk!
We get to know you and it's the start to getting your life back! (30-60 min. meeting)
FREE, no obligation
Video, phone or in person meeting

Step 2: Review & Sign Papers
A Two-hour meeting
No worksheets
We pull your credit report for you

Step 3: 341 Meeting
This takes place about six weeks after filing
Less than 30 minutes
Verify information on schedule is correct

Step 4: Discharge

Approximately 60 days after your 341 meeting

Chapter 7 Means test

The Bankruptcy Means Test

The means test has two parts to determine if you have income you could put toward paying off debt. The test is for those who have primarily consumer debts, like credit card or medical debt. If you are dealing with business debt then you do not need to pass the means test. Even for Chapter 13 bankruptcy the test is used to guide the the repayment schedule.

Step 1
The first part of the means test checks whether your household income is below your state’s median income.

Step 2
Gather your expenses over the past six months: rent, groceries, clothing and medical costs make up what are called “allowable expenses.”

Federal Law says we must state this: We are a debt relief agency. We help people file for relief under the Bankruptcy Code.