Do I qualify for Bankruptcy?
If you are struggling to pay your bills due to possessing overwhelming
debt then there is a strong chance that you will qualify for
bankruptcy. In order to be able to file for
Chapter 7 bankruptcy, you must first take what is called a "means test."
A means test determines whether or not you are actually experiencing financial
hardship by comparing your income with that of the median average income
of the state. If your average income is lower than that of the state's
average, then you will most likely qualify right away. You must also have
taken a credit counseling course from an approved credit counseling agency
within 180 days of filing. This applies to Chapter 13 cases as well.
In order to qualify for
Chapter 13, you must be an individual (rather than a business or corporation) and
you must have enough income to fund the payment plan that will allow you
to pay back creditors. In addition, your unsecured debt load must not
exceed $360,475 and your secured debt load must not exceed $ 1,081,400.
These amounts are adjusted from time to time. If you have further questions
about your bankruptcy eligibility, contact a
Worcester bankruptcy attorney today.
Bankruptcy Attorney in Worcester
The Law Office of Robert W. Kovacs, JR. provides help to individuals in
consumer bankruptcy matters. We believe that everyone is entitled to a
fresh financial start, especially in light of recent economic conditions,
and we provide legal assistance in an effort bring that about for our
clients. We will help you determine if you are eligible for bankruptcy,
and guide you through the
filing process should you decide to move forward.
Contact a Worcester bankruptcy lawyer
to see if you qualify for Chapter 7, Chapter 11, or Chapter 13 bankruptcy.