When you file for bankruptcy…
You need to stop using all credit cards. Before filing for bankruptcy, you need to consider the amount of property you own. If you file for Chapter 13 bankruptcy, you might get to keep some of your property, but you will still need to pay your creditors. With Chapter 7 bankruptcy, you could lose your property. You need to know what the process will be like before you file for bankruptcy.
Know exactly the steps that will occur, so you will know what to expect. Before you tackle a difficult situation, you want to be prepared for what is coming. You can then be ready to see this through. If you are filing for Chapter 7 bankruptcy, you need to be familiar with the means test. This will tell you if your income is low enough to have your debt discharged. It will determine if you legitimately cannot pay your debts. Find out if your income is lower than the median income of the state. If it is not, you could still qualify.
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