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How to File Chapter 7 Bankruptcy

How to File Chapter 7 Bankruptcy

In filing for Chapter 7 bankruptcy, the
“where” aspect of the petition is definitely not to be overlooked.
Applicant parties must submit formal requests to the bankruptcy court with jurisdiction
. However, before even concerning oneself with how to file
for Chapter 7 bankruptcy, a person contemplating such measures should see that
they qualify.

 

The means test may be a critical determinant
to see if individual debtors and insolvent corporations may legally petition

for Chapter 7 bankruptcy
. Especially with regard
to the former, if one’s monthly income over the past five years exceeds the
median salary of the working population in the United States and/or regularly
adjusted dollar amounts (currently at a rate slightly over $10,000), they may
be charged with an abusive petition. Imaginably, such an accusation is by no
means a light matter
. Therefore, prior to filing for
Chapter 7 bankruptcy, prospective petitioners are advised to consult with a
credit counselor as well as a bankruptcy attorney.

         

Another logistical point of concern
with how to file for Chapter 7 bankruptcy is how to prepare for the
inevitable creditors’ meeting mediated by the trustee
.

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