The Three Leading Causes of Chapter 7 Bankruptcy Filings in the US – IER Mann Legal News

In order to determine whether you’re in a position to file for bankruptcy, you will need to take a means-test. You’ll also need to show that you somehow make less than what you owe.

It is vital to have enough debt

Also, you must have enough debt in your account to qualify for bankruptcy. You should qualify if you are in possession of more than two or three credit cards of different kinds. It is not possible to file bankruptcy for credit card debt only. It is essential to make the list of every account in which you have debt. The list should include account numbers and appropriate balance. The process of filing bankruptcy can be time-consuming however, it’s also complicated. In the end, bankruptcy lawyers can help you.

Your credit will suffer

Bankruptcy and state taxes are another tricky area. The courts are not going to ignore tax obligations, which means there is a chance that you won’t gain approval for any type of major credit for seven 10-years or more. There is a yes answer in the event that you ask, “Are personal bankruptcies public record?” lrzqghzzdh.

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