Do I Qualify for Bankruptcy?

Price Law Group - Bankruptcy Attorneys

In reality, every person qualifies for bankruptcy.  What is specific to each person is the type of bankruptcy they qualify for.  There are three primary methods of bankruptcy known as Chapter 7, Chapter 11, and Chapter 13.  Chapter 7 involves the full cancellation of most or all of a person's debts, and often the liquidation of some of their assets in order to fund the repayment of their creditors.  Chapter 13 involves a "creditor payment plan," in which the person pays off their creditors over a period of years, in installments.  And Chapter 11 is similar to Chapter 13, but is tailored more towards businesses and corporations.

The "new" bankruptcy law passed in 2005 has made it more difficult for individuals to file for Chapter 7, but those who do not still likely qualify for Chapter 13. Qualifying for Chapter 7 involves the taking of a "means test," which compares your average income to the average income of the state that you live in.  If your income falls below that median, there is a strong chance you will be able to successfully file.  Qualifying for Chapter 13 involves a few restrictions, including a cap on the amount of debt you can possess, but mostly just demands that you possess an income in order to fund your payment plan.  For further information on bankruptcy, contact a Price Law Group bankruptcy attorney today.

Legal Assistance in Your Bankruptcy Case

At Price Law Group, we understand the frustration and fear that is attendant to experiencing financial trouble.  Our goal is to help eliminate these feelings in our clients, by assisting them in filing for bankruptcy.  To date, we have successfully helped over 100,000 clients through their bankruptcy proceedings, and we are available to help you do the same.  Contact our offices if you have questions about the process, and we will provide you with the information you need, as well as step-by-step help should you decide to file.

Contact a  Price Law Group Bankruptcy Lawyer for help in determining if you qualify for bankruptcy, as well as guidance through the process in the event that you decide to file.