How Can Individuals Legally Get Out Of Debt?

Debt is something most everyone deals with at some point in their lives. When debt becomes overwhelming, it can lead to problems in a person's life. Thankfully, there are legal ways individuals can overcome their debt and find financial freedom. With this information, individuals will better understand what they can expect from chapter 7 bankruptcy.

What Is Chapter Seven?


Those who have mounting debt they cannot seem to pay off are urged to see if they qualify for chapter 7 bankruptcy. To qualify, a person must pass mean's testing. Mean's testing ensures the debtor's income does not go over the median income of the state.

Once a person has been approved, a court-appointed trustee is placed over the case. This person is in charge of accounting for all of the assets owned by the individual so it can be decided which ones will be liquidated to pay off the debts.


There are certain assets that are exempt, such as the residential home. The court-appointed trustee has the power to absolve some of the debts that are owed by the individual so they are forgiven of their debts. This settles their debt in full and they are released from any obligations.

How to Get Started


Bankruptcy offers individuals a fresh start so they can overcome their debts and start towards a new financial future. To get started, an individual will need to schedule a consultation appointment with the bankruptcy attorney.

There are a few different items a person will need to bring to this appointment so their attorney will be able to help them decide which bankruptcy will be the best option to overcome their debt.

Individuals must prove their identity so they will need to bring in a photo ID and their Social Security Card.

The applicant will need to bring in proof of their income so it can be verified.

All banking records will need to be brought in so they can be checked.

An individual will need to bring in two years of income tax records to verify all income.

A list of household expenses will need to be brought in so a budget can be verified.

The individual needs to make sure they bring in statements for all of the debts they owe, along with the names of the creditors and their contact information.

Those who are ready to overcome their debt are urged to seek help from an attorney right away. With bankruptcy, debt can legally be eliminated.

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