Financial struggles are becoming a common issue amongst Colorado residents. Countless situations can lead to financial problems. Job loss, medical bills, and unexpected financial emergencies are few examples of events that can result in financial stress. Many people consider bankruptcy as an option for a fresh start. In this blog post, we will discuss who qualifies for Chapter 7 bankruptcy and its benefits. We also highlight how the Law Offices Andrew F. McKenna, P.C can assist Colorado residents in these matters.

Who Qualifies for Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a legal option allowing individuals to get rid of their debts and start fresh. Not everyone is eligible for this type of bankruptcy. The qualifications for Chapter 7 are based on your income, expenses, and the types of debts you have. In Colorado, to qualify for Chapter 7 bankruptcy, your income must be less than the state median income. If your income is above the median, you might still be eligible for Chapter 7 bankruptcy through the means test.

Benefits of Chapter 7 Bankruptcy

There are numerous advantages to filing for Chapter 7 bankruptcy. The primary advantage is that your unsecured debts such as credit cards, medical bills, and personal loans are often discharged through Chapter 7 bankruptcy. This means you will not have to pay these loans back, and creditors will no longer be able to pursue legal action against you concerning these debts. Chapter 7 bankruptcy also provides a fresh start for people struggling with debt and the possibility of rebuilding their credit score. Additionally, Chapter 7 bankruptcy has an automatic stay that halts any further collection actions from creditors.

How the Law Offices Andrew F. McKenna, P.C Can Help

Bankruptcy laws can be confusing and complicated. It is essential to have the assistance of an experienced attorney to help navigate the process. The Law Offices Andrew F. McKenna, P.C offers comprehensive bankruptcy services to its clients. The firm’s founder, Andrew F. McKenna, has over 25 years of bankruptcy law experience. Mr. McKenna works closely with all clients to create a customized debt relief strategy that meets their unique needs. With a team of experts, Law Offices Andrew F. McKenna, P.C ensures that clients receive top-notch legal services at every stage of the bankruptcy process.

Chapter 7 bankruptcy can help people start fresh by relieving them of their excess debt. Moreover, it can provide an opportunity to rebuild credit scores, stop creditor harassment, and gain financial freedom. However, the process can be complicated and requires expert guidance. If you are in financial distress, contact the Law Offices Andrew F. McKenna, P.C today to discuss your options and determine if Chapter 7 bankruptcy is the right solution for you. Let our lawyers and legal experts assist you in your journey to financial stability.