When it comes to obtaining debt relief, there are several options debtors have. Depending on the type of debt one is dealing with and the debtor’s overall financial situation, bankruptcy may not be the best option for relief, so it is worth it to consider the alternatives.
Let's say that you are a recent college graduate, and after a couple of months of searching, you find the perfect entry level job. You work for your new company for six months or so, and things are looking up. You'll finally be able to deal with the student debt you amassed while you were going to school to learn about the very job you have now.
In our last post, we began speaking about Chapter 7 bankruptcy and its benefits, as well as its limitations. As we noted, one of the limitations of this form of bankruptcy is that debtors must meet the financial qualifications. This involves the so-called means test.