There are several advantages to filing chapter 7 bankruptcy instead of chapter 13. Your Parker CO bankruptcy lawyer will tell you that Chapter 7 is a much faster process, and you will probably be allowed to keep most of your real estate assets, unless they are tied up as collateral for a loan. After a chapter 7 settlement, you will be totally free from any liability.
But are you eligible? If your income is over the standard amount, you will have to pass the “means test” in order to file chapter 7. That is, if you make more money than the average person with the same size family, you may have trouble filing chapter 7.
You will definitely be ineligible if you have filed before – within a determined time frame, or if a judge discovers any deceptions on your part when it comes to your ability to pay your creditors.
Let your Parker CO bankruptcy lawyer determine your eligibility. Bring your financial records, and all pertinent information to your meeting with Parker Lawyers. Call today for your appointment: 303-841-9525.