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Bankruptcy is like a bad taste in the mouth. Yet, sometimes there is no other way than to file this. Filing insolvency gives you the chance to restore your financial status once more. Therefore, if you see that credit is mounting and you cannot pay back the debts, you can file this. You have several options when you are opting for this. You can select chapter 7 which is known as liquidation. You need to meet the requirements to file for this. It is important to hire a lawyer specialized in bankruptcy law to be able to file for this. A lawyer will be able to tell you whether you are eligible for the category. Talk to the West Palm Beach chapter 7 bankruptcy lawyers before making any decision. Your lawyer will be able to tell you if you do not meet the requirement. Before understanding whether you are eligible to meet the requirement, you need to know what chapter 7 is. This is a liquidation process. To pay off the debts some of your properties will be sold. However, all your belongings will not be sold. Some properties are considered as exempts. A lawyer will be able to tell you about this. When you cannot file for this? If you have sufficient income to deal with chapter 13, you will not be able to file for this. The court will consider your income and your debt before taking any decision. If your income is higher than the debt, your petition will be denied. If you have filed for liquidation already, you will not be awarded this once again within eight years of the discharge. In this case, you will have to opt for an alternative. You may be considered ineligible for insolvency if you have violated law and been discharged from the procedure. In case of an invalid filing, your petition will be denied as well. If you have tried to mislead the creditors, your petition will be dismissed. Hiding asset to prevent liquidation is an offense and this will lead to dismissal of the petition. Lying about your earning and filing for liquidation is another offense that can get your petition denied. Remember to allow a lawyer to prepare the petition and deal with the matter. Without legal assistance, you may get into more complicated issues. Some debts will never be erased and you need to remember that. Consider all the alternatives before you file for the insolvency.
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