Bankruptcy can be tough for a lot of different reasons, but some people are unsure if moving forward with their personal bankruptcy is even possible. For example, there are a number of requirements that must be met in order for someone to clear debts through the bankruptcy process, and certain options (such as Chapter 7) may not be preferable or even possible for certain individuals. In this blog post, we will take a closer look at some of the different legal issues that people should consider before moving ahead with a Chapter 7 bankruptcy.
For starters, some people are ineligible to file for Chapter 7 because they have already done so in recent years. There are time limitations in place with regard to filing again, and it is extremely important to note that not every kind of debt can be discharged by filing for Chapter 7 bankruptcy. Furthermore, people may be in certain positions that make another form of bankruptcy more ideal. For example, a homeowner who is worried about losing their home may be better off filing for Chapter 13 bankruptcy.
A number of other factors will need to be taken into account, such as one’s income and expenses. Someone who earns a significant amount of money may not be eligible for Chapter 7 and there are a lot of other considerations that may need to be reviewed prior to the filing of a petition. Aside from this, you may need to think about other issues before filing for bankruptcy, such as the ins and outs of the legal process.