Did you know that in April 2012, according to the Bureau of Labor Statistics, more than 5.2 million Americans were unemployed for six months or more? In fact, most people file bankruptcy for one of three reasons
- Medical problems
- Job loss
And sometimes it is not even job loss, but job retirement that puts a person in need of bankruptcy info.
For example, according to Sports Illustrated magazine, more than three quarters of pro athletes file bankruptcy, or are in some sort of financial trouble, only two years after retiring from their sports.
Are you looking for Chapter 7 bankruptcy information? Look no further. Here is some information that you should know
- You Have to Pass A Means Test. To qualify for Chapter 7 bankruptcy, you have to prove that your income is lower than the median income for a family of your size in your state. You do this via a means test.
- You Can Fail A Means Test. If you fail a means test, meaning your income was higher than the median, you may still be able to file for Chapter 13 bankruptcy. To learn more about the difference between Chapter 7 bankruptcy, Chapter 11 bankruptcy vs Chapter 13, contact a bankruptcy lawyer Indiana.
- Not Everything Counts. Some items cannot be added into a bankruptcy. This includes government loans, as well as school loans.
You can ask your bankruptcy questions and answers are available online, but it is always valuable to talk to a bankruptcy attorney. These lawyers specialize in bankruptcy and can give you all the Chapter 7 bankruptcy information you need.
Many of these initial bankruptcy meetings are free of charge, so the lawyer can get to know your case, you can get to know the lawyer and you can determine if what they charge will work for you.