Eligibility for Chapter 7 bankruptcy primarily hinges on passing the means test, a financial assessment tool used to determine whether an individual's income is low enough to qualify for debt relief under Chapter 7. We'll talk more specifically about that means test in the next section. Apart ...
Individuals who make too much money to qualify for Chapter 7 bankruptcy may file underChapter 13, also known as a wage earner's plan. It allows individuals—as well as businesses, with consistent income—to create workable debt repayment plans. ...
If your income is above this value, you need to complete ameans testbefore you can declare bankruptcy. This is a calculation of your monthly income, less your secure debt payments and other expenses. If the remaining disposable income is less than $100 US Dollars (USD), you qualify under ...
and is highly recommended if you are unfamiliar with bankruptcy law and procedures. Attorney fees vary depending on the case’s complexity but can range from $1,000 to $6,000 or more. Some courts may allow payment plans for court fees, and low-income filers may qualify for a fee waiver...
Once your financial house is in order and your credit score goes up, you could qualify for an FHA loan. Generally, it takes about two years after a bankruptcy discharge to qualify for an FHA loan. “It’s a great time to mortgage a home because FHA limits are the highest ...
Q: How Do I Qualify for Chapter 7 Bankruptcy? A: 1. You cannot have filed a chapter 7 in the past eight years2. Your income must qualify you for chapter 7. This is why I have to see the past six months of pay stubs (the documents needed for your appointment are set out in th...
How to Qualify for Chapter 7 Bankruptcy in Texas You must pass themeans testto qualify for Chapter 7 bankruptcy. The test has two parts: a median income comparison and a disposable income analysis. The test aims to determine whether you can repay some of your unsecured debt. ...
Q.Will I be able to purchase a home after Bankruptcy? A. The General Answer is Yes. We have had clients purchase homes very shortly after their Bankruptcy is over. In the current economy the requirements to qualify for a mortgage are high and a purchase of this type would require more ...
Will I be able to get a credit card after bankruptcy? What is the difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy? How often can I file a Chapter 7 bankruptcy? How often can I file a Chapter 13 bankruptcy? Am I eligible to qualify for protection under a Chapter ...
Are there reasons to file a Chapter 13 when you qualify for Chapter 7? If you have further questions, you can schedule a free consultation with The Wink Law Firm, experienced bankruptcy lawyers in Denver. Schedule a Free Consultation with The Wink Law Firm, Your Denver Bankruptcy Lawyers Our...