Do I Qualify for Bankruptcy?
Call (866) 210-1722 For Guidance
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.
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.
Reach out online or call (866) 210-1722 to request a free initial consultation with Price
Law Group. Spanish-speaking services are available and we
serve clients nationwide. Give us a call if you want to learn more about bankruptcy.