Why You Should Hire A Glendale Arizona Bankruptcy Lawyer: Part 1 of 3 – The Means Test
There are many folks in the Glendale area that are at a point where they may want to soon consider filing bankruptcy as a solution to their current unenviable financial predicament. A number of of these individuals are wondering why it is important they retain a bankruptcy lawyer when declaring bankruptcy under Chapter 7 or Chapter 13 bankruptcy in Glendale.
Hiring a professional Glendale bankruptcy lawyer is not required by law, nonetheless, there are compelling factors why you need to have legal support when processing Chapter 7 or Chapter 13 bankruptcy in Glendale, Arizona.
Recent adjustments to federal bankruptcy rules made declaring Chapter 13 or Chapter 7 more complex. For instance, now you are required to have a “means test” when declaring bankruptcy. The Means Test has the intent to figure out if you’re entitled to a Chapter 7 bankruptcy filing. Declaring a Chapter 7 bankruptcy discharges the debt you owe.
The new bankruptcy means test can be hard and puzzling, and if you fill it in inadequately, it can be determined that you do not qualify for filing a Chapter 7 bankruptcy. This part of a bankruptcy filing is indeed critical that it could be damaging. If you wish to do it yourself and complete the Means Test incorrect, you could possibly jeopardize your chance to get released from your debts through a Chapter 7 personal bankruptcy.
Speak with your Glendale AZ bankruptcy law firm as it can be a comfort to get the help of an experienced bankruptcy lawyer if you are considering declaring bankruptcy and have to complete the required Means Test.