Qualification Requirements

Do I qualify for bankruptcy?

If you are struggling under a large amount of debt, you may be wondering what your options are. Filing for bankruptcy is a way of discharging your debts, so that you can go back to living a normal life, free from the constant burden of debt and creditors. There are several types of bankruptcy that you may be eligible for. A Chapter 7 bankruptcy generally results in all of a person's debt being discharged without them having to repay it. However, not everyone qualifies for this type of bankruptcy. To be eligible for Chapter 7 bankruptcy, you have to take a "means test." This test determines if you have the "means" to pay off a portion of your debt. All the means test does is compare your monthly income to the average monthly income in the state. If you income is below the state average, then you are likely eligible to file for Chapter 7 bankruptcy. If you would like to learn more about Chapter 7 bankruptcy eligibility, or the means test, contact our legal team today.

Chapter 13 bankruptcy may be an option if you do not pass the means test for Chapter 7 filing. Chapter 13 bankruptcy involves a structured repayment plan, wherein you make one monthly payment toward paying off your various debt, and at the end of the term, usually 3 to 5 years, the remainder of your debts are discharged. Chapter 13 bankruptcy is a good option for people with a large monthly income who are struggling with debt. Chapter 11 bankruptcy is similar to Chapter 13 bankruptcy, but is geared towards businesses and corporations that need to repay their debt. Whatever your particular case is, whether Chapter 7, Chapter 11, or Chapter 13 bankruptcy, our attorneys can help you though the bankruptcy process from start to finish.

Effective Financial Guidance

Price Law Group is a firm that is dedicated to helping our client through their bankruptcy proceedings. With over 20 years of experience, we have helped over 100,000 clients with their financial and legal issues. Don't hesitate to contact us so we can discuss your case and answer any questions you may have, such as how much bankruptcy will cost, information on repairing your credit and discharging your debt and more. Contact our firm today for information on filing for bankruptcy and what type of bankruptcy you qualify for.