Posts Tagged ‘chapter 7 bankruptcy’

If you are thinking to file for Chapter 7 bankruptcy, then you will have to pass the means test. You need to know that it is the means test which will help you know if you really earn below your means and thus, require filing Chapter 7 bankruptcy. The individuals who earn a good salary and cannot pass the means test may use Chapter 13 bankruptcy for paying off some of their outstanding debts. However, they might not be using Chapter 7 bankruptcy to eradicate all the debts.

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Millions of consumers are crushed under the burden of debt after the recent economic depression in the US. In such situations, people either rely on debt settlement services or they file for bankruptcy as a last resort. These two debt settlement solutions help people to start their financial life afresh. But before you select a debt settlement solution, it is essential to understand the differences between debt settlement and bankruptcy. A comparative analysis can help you make the right decision.

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