GET HELP TODAY
Filing for Chapter 7 bankruptcy in Raleigh offers the debtor a fresh financial start. Chapter 7 bankruptcy liquidates assets to help pay off debts. It also grants an automatic stay to protect the debtor from collectors and creditors.
Many debtors prefer filing for Chapter 7 bankruptcy because it discharges most debts. However, not everyone is eligible; a debtor must meet an income limit to qualify. Here we discuss everything you need to know about a Chapter 7 bankruptcy filing.
- Your income determines your eligibility.
To qualify for Chapter 7 bankruptcy, the debtor’s income must not exceed the state median income. In addition, the debtor must pass the means test. The means test examines the debtor’s financial records including secured and unsecured debts.
- You need an experienced and knowledgeable bankruptcy attorney to help you out.
Bankruptcy lawyers in Raleigh will aid you and offer legal advice throughout the process. Every state has a different exemption system used to keep a property in bankruptcy. Your attorney should be knowledgeable on the exemption rules to protect as much of your assets as possible.
- Filing for bankruptcy is not the end of the world.
Filing for Chapter 7 bankruptcy can offer a fresh financial start. It allows debtors to discharge all or most of their existing debts, so they can move forward with their lives, free of financial burden.
Chapter 7 Filing Requirements
Here are five requirements you need when filing for Chapter 7 bankruptcy in North Carolina:
- Accomplished Form 22A–1
Form 22A-1 is the statement of your current monthly income and means test calculation. It determines whether your income and expenses create a presumption of abuse. If found guilty, this may prevent you from acquiring relief from your debts under Chapter 7 of the Bankruptcy Code. - Voluntary Petition Form B1
Filing this form marks the beginning of the bankruptcy process and grants the automatic stay, which prevents creditors from taking any further action outside of the bankruptcy court. - Credits and Debits
These documents can help you assess the amount of debt you have accumulated over time.
- Income Documentation
These documents establish your overall financial state, which helps justify your Chapter 7 bankruptcy eligibility. Compile all the income documents you have acquired for the past six months and work with a bankruptcy lawyer in Raleigh to help assess the situation.
Get the Help You Need with Weik Law Office!
Filing for Chapter 7 bankruptcy in Raleigh does not have to be stressful. At Weik Law Office, our team is dedicated to helping individuals handle bankruptcy with compassion. Call Weik Law Office today at 919-845-7877 for a free consultation, and set up a time to speak with one of our professionals.