Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 7 Bankruptcy?”
Those without previous knowledge may not realize that Chapter 7 bankruptcy isn’t something that is automatically available to everyone. Instead, you must first qualify before a court will allow you to pursue a Chapter 7 liquidation bankruptcy. So what do you need to do to qualify? The bankruptcy code requires filers to pass what’s known as a means test. To learn more about the means tests and how they work, keep reading.