If you are struggling to pay your bills and get out of debt, you may be considering filing for bankruptcy. Bankruptcy may be able to help you reduce or eliminate your debt and get back on your feet financially. Before you file for bankruptcy, it is wise to understand the requirements to file for bankruptcy. The requirements are based on the type of bankruptcy you are pursuing. All applicants will need to complete credit counseling and meet income guidelines before they can move forward.
Qualifying for Chapter 7 bankruptcy is often more challenging than qualifying for Chapter 13 bankruptcy. Chapter 7 bankruptcy is also called liquidation or straight bankruptcy. This type of bankruptcy can wipe out many types of unsecured debt. There are several requirements for filing for Chapter 7 bankruptcy, including the following:
The requirements to file for Chapter 13 bankruptcy are different from those of Chapter 7 bankruptcy. To file for Chapter 13 bankruptcy, you will need to meet the following requirements:
If you do not qualify for a Chapter 7 bankruptcy, you may be eligible for a Chapter 13 bankruptcy. In some cases, lenders view a Chapter 13 bankruptcy more favorably than a Chapter 7 bankruptcy. They may consider a Chapter 13 bankruptcy filer less of credit risk because, in a Chapter 13 bankruptcy, you will repay all or part of your debts within a three to five year timeframe. In a Chapter 7 bankruptcy case, all of your debts will be erased.
Are you wondering whether you qualify for bankruptcy? The attorneys at Bankruptcy Law Center can review your case and advise whether you are eligible for a Chapter 7 and/or Chapter 13 bankruptcy. Contact the skilled bankruptcy attorneys Bankruptcy Law Center today to schedule your initial consultation.
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