' Am I Eligible to File for Bankruptcy? Here’s How to Find Out - Law Offices of Robert M. Geller, P.A.

Am I Eligible to File for Bankruptcy? Here’s How to Find Out

am i eligible to file for bankruptcyFiling for bankruptcy can be a difficult decision. It’s important to know if you’re eligible and what type of bankruptcy you can file for. This blog post will give you an overview of the eligibility requirements for the most common types of bankruptcy.

There are two common types of personal bankruptcy: Chapter 7 and Chapter 13.

To be eligible for either, you must first complete a means test. The means test is used to determine whether your income is low enough to qualify for Chapter 7 bankruptcy. If it is, you may be able to wipe out all of your debt in a matter of months. If your income is too high for Chapter 7, you may still be eligible for Chapter 13, which allows you to repay your debts over a three-to-five-year period.

To complete the means test, you’ll need to gather several documents, including your most recent tax return, pay stubs, and bank statements. Once you have all of the required documents, you can complete the means test online or with the help of an attorney.

Difference between Chapter 7 and Chapter 13

Chapter 7 bankruptcy is known as “liquidation” bankruptcy because it involves the sale of your nonexempt assets to repay your creditors. Once your assets are sold and your debts are paid off, your remaining debts are discharged. You no longer have to pay them.

Chapter 13 bankruptcy is known as “reorganization” bankruptcy because it allows you to reorganize your debt and develop a repayment plan.

Under this type of bankruptcy, you don’t have to sell your assets. Instead, you make monthly payments to your creditors over a three- to five-year period. Once you’ve made all of the required payments, the court discharges your remaining debts.

Which Type of Bankruptcy Is Right for You?

The type of bankruptcy that’s right for you depends on many factors, including:

  • Type and amount of debt you have
  • Whether you’re behind on your mortgage or car payments
  • Whether you have any nonexempt assets the trustee could sell in a Chapter 7 bankruptcy

An experienced bankruptcy attorney can help you determine which type of bankruptcy is right for you based on your unique circumstances.

Your attorney will review your financial situation and help you determine if filing for bankruptcy is right for you.

Deciding whether or not to file for bankruptcy is a difficult decision. If you’re considering bankruptcy, it’s important to know if you’re eligible and what type of bankruptcy you can file for.

If you still have questions about your eligibility, consider speaking with a bankruptcy attorney. They can review your financial situation and help you determine if filing for bankruptcy is right for you. For more information or to schedule a consultation to discuss your situation with an experienced debt settlement lawyer, contact the Law Offices of Robert M. Geller at 813-254-5696.


Video Testimonials

Tampa Bankruptcy Law Blog

How Do I Find a Bankruptcy Attorney in Clearwater?

If you're facing financial hardships and are considering bankruptcy in Clearwater, finding the right attorney can be a critical decision....
Read More

Should I Sell My Home to Get Out of Debt?

Debt is a common modern problem. Whether it's credit cards, student loans, or medical bills, debt can cripple even the...
Read More

What to Ask a Bankruptcy Lawyer

What should you ask a bankruptcy lawyer? Financial problems can be incredibly stressful. One option that many people turn to...
Read More

Is It Easy to File for Bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses to eliminate or reorganize their debts. It offers relief to...
Read More

How to Stay Motivated to Pay Off Debt

If you are struggling with debt, you are not alone. The average American has tens of thousands of dollars in...
Read More

Can I Fire My Bankruptcy Attorney?

Filing for bankruptcy can be overwhelming. Your bankruptcy attorney plays a crucial role in navigating you through the process. Unfortunately,...
Read More

Am I Responsible for My Parent’s Credit Card Debt?

As we grow older, our parents also age. Sometimes they become dependent on us in many ways. Even if they...
Read More

How to Hide from Debt Collectors

There are many ways to “hide” from debt collectors. You can ignore their calls, not answer your door, or ask...
Read More

Is Your Spouse Responsible for Credit Card Debt in Florida?

Debt can be overwhelming, especially when you're not sure who is responsible for it. That's why it's important to understand...
Read More

What Happens If You Ignore a Debt Collector?

Debt can be overwhelming. It’s easy to let bills pile up and miss payments, and before you know it, you...
Read More


For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More


We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation


Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions