' Am I Eligible to File for Bankruptcy? Here’s How to Find Out - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

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.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will My Landlord Know If I Filed for Bankruptcy?

Filing for bankruptcy can be a daunting decision. If you’re a tenant, you may worry about how this decision affects...
Read More

Should I File Bankruptcy without a Lawyer?

Filing for bankruptcy can be a daunting process. Many people wonder if they should tackle it alone or hire a...
Read More

How Does Bankruptcy Affect My Credit Score?

Filing for bankruptcy is a significant decision. It can have a lasting impact on your financial future, especially your credit...
Read More

Can You File Bankruptcy on a Title Loan?

If you're struggling with debt and have a title loan, you may wonder if bankruptcy can help you escape that...
Read More

Will Bankruptcy Affect My Security Clearance?

When you're facing financial difficulties, the prospect of bankruptcy can be daunting. This concern is amplified if you hold or...
Read More

What is Involuntary Bankruptcy?

Bankruptcy is a legal process that allows individuals or businesses to resolve their debts under the protection of a bankruptcy...
Read More

Is It Bad to File Bankruptcy at a Young Age?

Filing for bankruptcy is often viewed as a last resort for those overwhelmed by debt. While it is a significant...
Read More

How Far Back Does the Bankruptcy Trustee Look?

Filing for bankruptcy is a complex process that requires full transparency and cooperation with the bankruptcy trustee assigned to your...
Read More

Can Bankruptcy Be Reversed?

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of...
Read More

Can I Sell My House While in Bankruptcy?

Filing for bankruptcy can be a complex and stressful experience, especially when it comes to your significant assets like your...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

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

813.536.4468

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 328-6667
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) 274-9155

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 492-2663

Map And Directions