Additionally, you must meet strict eligibility qualifications to file for Chapter 7 bankruptcy. We can determine whether you are eligible for the Chapter 7 bankruptcy option by conducting what is known as the “means test”. The means test assesses your income, assets, liabilities, and exemptions ...
Chapter 13 Bankruptcy The second option involves filing for chapter 13 bankruptcy. The option is also called reorganization or restructuring of funds, as that is how creditors receive the unsettled payments. Under chapter 13, you will face more restrictive eligibility criteria because it offers more ...
TheU.S. Bankruptcy Codeis the primary statute that dictates eligibility rules, procedures, and all aspects of a bankruptcy case. At the same time, there are some specific provisions that are unique to bankruptcy cases in Arizona. The body of laws and regulations is complicated, so you may n...
Chapter 7 bankruptcy, but you might need to find out if you are eligible before proceeding. Determining eligibility for bankruptcy There are numerous factors that may influence the process, such as income and necessary monthly expenses. Before you can file for Chapter 7 bankruptcy, you will have...
Chapter 13 bankruptcy is an alternative to chapter 7 that allows you to keep your assets. Get help restructuring your debt by contacting the firm. Read More Real Estate Closings There are potential legal complications to buying and selling a home. Allow a qualified attorney to provide you with...
and expenses to see if they can repay their debts. If the debtor’s income is below the median income for their state, they will automatically qualify for Chapter 7 bankruptcy. If the debtor’s income exceeds the median, they must complete a more detailed analysis to determine eligibility. ...
Determine Your Eligibility To File: Before filing, assess your eligibility -- there are many options when it comes to filing bankruptcy and you can only file if you are eligible. The most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 is for individuals with limited incom...
It follows a structured corporate bankruptcy process outlined in the BIA, which bears similarities to Chapter 7 of the US Bankruptcy Code. Here’s a step-by-step breakdown of liquidation: Decision to File: The board of directors makes the difficult decision to file for bankruptcy . Assignment ...
The Bankruptcy Law Office of Raymond and Raymond focuses solely on Bankruptcy Law. We limit our practice to Bankruptcy Law to help you with your unique financial situation. We can review your eligibility for bankruptcy, discuss the types of bankruptcy that may be considered, and explore alternative...
Within one business day of when you call or email our office, you will receive contact from our office offering to set up a free, same-day bankruptcy eligibility analysis where we analyze whether you are eligible for bankruptcy, and if so, what chapter of bankruptcy is best suited for you...