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chapter 13 & Chapter 7 bankruptcy laws

chapter 13 & Chapter 7 bankruptcy lawsAm I eligible to file for bankruptcy?

There are several factors to determine eligibility. The best thing is to contact a bankruptcy attorney to discuss your specific situation. Once they speak with you and have a clear understanding of your circumstances, they will be able to advise you of your eligibility. They will also be able to tell you which Chapter is right for you.

Under the Bankruptcy Abuse and Consumer Prevention Act of 2005, there are two areas that must be looked into to determine eligibility, one is assets and the other is income.  An individual is allowed to protect certain assets from their creditors. Under the bankruptcy laws, an individual is allowed to claim exemptions in their assets.  As long as the value of the asset doesn’t exceed the allowed exemption amount, the asset is protected.

As far as income is concerned, an individual must meet the requirements of the Means Test. Their income must be under the median income for their state, based upon household size, to be able to file without the presumption of abuse arising. To do this, an individual must list all of the income they received for each of the six months prior to the filing of the bankruptcy petition. That income is then averaged out to a monthly amount, then it is “annualized”, meaning it is then multiplied by twelve. If it is determined to be under the median income for the debtor’s state, then the presumption of abuse does not arise. In some cases, a debtor may be over the median income for a particular state but still able to file a Chapter 7 case. This is something that must be discussed with a bankruptcy attorney. 

Credit Counseling Requirement

Every individual or couple filing for bankruptcy protection  must complete an approved Credit Counseling Course BEFORE a petition can be filed. The Office of the United States Trustee has established a list of approved providers. Usually, the required course can be completed at home either over the internet or by telephone. After completing the course, you and your attorney, will receive a certificate of completion which must be filed along with your bankruptcy petition.

Evaluation Form
Bankruptcy laws vary by state.

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Why are you considering bankruptcy? (Please check all that apply)
Credit Cards Divorce
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Free Yourself From Your Overwhelming Debt!

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• The bankruptcy laws were created to give Debtors a fresh start, freeing them from the burden of overwhelming, unending debt. That’s their purpose. Let a bankruptcy attorney discuss them with you. It’s that easy.

• Bankruptcy is a powerful tool that can stop a foreclosure sale, vehicle repossession, unending collection notices, and harassing phone calls from relentless creditors.

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This Web site is providing legal information only and does not provide legal advice. It is not a bankruptcy lawyer referral service or prepaid legal services plan and the owner neither endorses nor recommends any bankruptcy attorney advertising on this site.

Pursuant to federal law, we are a federal Debt Relief Agency. Attorneys and/or law firms advertising through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code 1800Bankruptcy is not a law firm. The information contained herein is not legal advice. Only an attorney can provide legal advice based upon your specific situation.

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