One of the numerous advantages of liquidation is that it allows you to get rid of your creditors fast, through the selling of your non exempted properties. It is the most known form of bankruptcy.
In Ontario, Chapter 7 bankruptcy is known to be used individuals to protect assets like; business property, retirement, vehicles, wages, personal property, your home, insurance benefits and so on.
Qualification for the chapter 7 bankruptcy is determined by the bankruptcy code. It uses individuals incomes majorly to determine if an individual is eligible for chapter 7 bankruptcy.
Those that are qualified for the chapter 7 bankruptcy must have an income that is below the average Californian median.
If your income more than the California state median, you will have to take a means test. The means test is for only those that earn less than the state median.
The Means test is complicated in nature, to get the best and accurate information, talk to a bankruptcy lawyer today.
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