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Do I Qualify for Bankruptcy?

Qualifications for Chapter 7, Chapter 11 & Chapter 13

Determining whether you qualify for bankruptcy is really a matter of discovering which type of bankruptcy your circumstances allow you to pursue. Depending on the specifics of your situation, you will be able to petition for a Chapter 7, Chapter 11 or Chapter 13 bankruptcy. A Chapter 7 discharges all of your qualifying debt and can sometimes involve liquidating certain assets in order for your creditors to recover as much as possible. A Chapter 13 places you on a repayment plan based on the amount you can afford to pay over a set period of time - usually 3 to 5 years - after which the remaining debt is forgiven. A Chapter 11 is similar but relates to business and corporations.

In order to determine your eligibility to file for Chapter 7, you must apply the means test prescribed by the government which reviews your income and other related factors. If you do not qualify for this type of bankruptcy, it is likely you will qualify for a Chapter 13. The latter involves certain restrictions and the requirement that you possess an income in order to make payments as determined in your payment plan. To find out whether you qualify for the different forms of bankruptcy, contact an attorney at the firm today.

Learn About Your Options!

Beyond determining your qualifications for bankruptcy, there is also the vital matter of deciding what your best option for debt relief is. An attorney from Price Law Group can review the specifics of your financial situation as well as your goals and priorities with regard to your assets and help you make an informed decision. As the largest consumer bankruptcy firm in the southwest, they have helped over 100,000 individuals to eliminate their debt and achieve a brighter future.

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