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Tackle credit card debts with Chapter 7 bankruptcy

Chapter 7 bankruptcy is perhaps the most common form of bankruptcy because it makes it possible for a person in debt to gain a fresh financial start. Over the holiday period, many people rely solely on their credit cards to make purchases, and as a result, they can find themselves in huge amounts of debt in the new year. Filing for Chapter 7 bankruptcy can quickly clear these debts in many cases.

Could Chapter 7 bankruptcy change your life?

The financial demands of having a family can mean that you spend more money each month than what you earn. Many people find that they lose track of what they are spending because of their use of credit cards and loans to fund their lifestyle. When they finally sit down to calculate the extent of their debts, they are often very surprised.

What does 'presumption of abuse' mean in bankruptcy?

If you are considering filing for bankruptcy in Washington, it is likely that you have come across some terminology that you find confusing. When reading through papers and articles about Chapter 7 bankruptcy, in particular, many prospective filers are confused by the term "presumption of abuse."

What does straight bankruptcy involve?

Those who are looking into their debt repayment options are often confused by the term "straight bankruptcy" and wonder what it means. Straight bankruptcy is another term for Chapter 7 bankruptcy. This is one of the most popular and desirable bankruptcy options for individual debtors and those with families.

What is the purpose of the bankruptcy means test?

Most individual bankruptcy filers will have an initial goal of filing for Chapter 7 bankruptcy. This is because this chapter makes it possible for a significant number of debts to be written off, and it does not require committing to a lengthy repayment plan. In this way, Chapter 7 bankruptcy offers debtors with the opportunity to gain a fresh financial start.

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