To qualify for a Chapter 7 Bankruptcy, you must first pass the “Means Test,” which requires that your income not exceed a certain amount. This test requires that you first add up your income earned during the six previous complete months. Next, add up all of the income from all ...
Depending on which type of bankruptcy you qualify for, you may have to pay some of your debts back or you may get them discharged, which means you're removed from the legal obligation to pay them. Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 ...
If you do not qualify for Chapter 7 bankruptcy because you fail the means test, you may be eligible to file for Chapter 13 bankruptcy. In contrast to Chapter 7, filing for Chapter 13 bankruptcy requires you to create and complete a repayment plan. The repayment plan may take from three 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 chapter 7. If not, you must file under chapter ...
Debt consolidation: If you have a decent credit score, you may qualify for a debt consolidation loan, which rolls multiple debts into a single loan with a fixed interest rate. This can simplify payments and potentially reduce interest costs. Bankruptcy: For those in severe financial distress,...
Do You Qualify for an Offer in Compromise? The objective of the Offer in Compromise (OIC) program is to accept an OIC when it is in the best interest of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements. ...
You can even consider bankruptcy as an option if you’re in dire financial trouble and have attempted every possibility. How to qualify for a debt consolidation loan Lenders may assess your credit score, debt-to-income ratio, and employment history to determine if you are eligible for a debt...
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While you may qualify for a mortgage sooner, it’s a good idea to wait two years following the bankruptcy to apply, as you’ll likely get better terms, including a better interest rate. Remember that even a small difference in an interest rate can have a huge effect on both your...
While borrower in this credit score range may still earn competitive interest rates, they are unlikely to command the ideal rates of those in the two higher categories, and it may be harder for them to qualify for some types of credit. For instance, if a borrower is looking for anunsecured...