QUESTION
Do I qualify for bankruptcy if I have more credit card and medical bills than the money coming in?
Asked on Sep 01st, 2012 on Bankruptcy - Michigan
16 ANSWERS
Barbara A. Fontaine
This is when most people do file for bankruptcy.
Answered on Jun 28th, 2013 at 12:36 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Yes.
Answered on May 28th, 2013 at 8:55 PM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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Sure. That would be a prime reason that it would seem bankruptcy might be an appropriate solution for you.
Answered on Sep 11th, 2012 at 2:19 PM
General Practice Attorney serving Crystal Lake, IL
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Bruning & Associates, P.C.
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It is possible that you can qualify for bankruptcy if you have more bills than you can afford to pay. You should meet with a bankruptcy attorney to go over your full situation, including income, expenses, total debts, and assets that will need to be exempted. Only by doing a full debt analysis can you determine if you are eligible for bankruptcy, and which chapter is appropriate for your situation.
Answered on Sep 11th, 2012 at 2:19 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Normally everyone qualifies because bankruptcy is a Constitutional right. The important question is "should you file for bankruptcy and if so, which type of bankruptcy. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Sep 11th, 2012 at 2:18 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Yes, with some qualifications. First, there are 2 types of bk chapter 7 and 13 and you may not qualify for a 7 without an evaluation of your finances. Second, it depends on the amount of bills you have. Should be at least $15,000.
Answered on Sep 11th, 2012 at 2:17 PM
It depends on what chapter of Bankruptcy you want to file under. If you're filing personally it'll either be chapter 7 or 13. The higher your monthly income the harder it is to qualify for chapter 7 but you can still file under 13. To know whether you qualify under chapter 7 there is a two step inquiry: first, is your income greater than the median income of your household size in the state you reside in, and second, is your net income, difference between monthly gross income and expenses, enough to dispose of some of your debt? If the result of step one is that your income is less than the median household income in your state you qualify. These are simple formulas configured to prevent able debtors from filing bankruptcy, you need to supply your income and debt to determine your eligibility under chapter 7, otherwise you can always file under chapter 13. Call or email to get started, you won't find any lower rates for bankruptcy.
Answered on Sep 11th, 2012 at 2:17 PM
Real Estate Attorney serving New Port Richey, FL
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Jay W. Moreland, P.A.
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You probably do, but it may not be your best option. Your income and assets are also important. Your income may determine which bankruptcy is available for you. It would be best to set up a consultation with an attorney who can look at your whole situation and help you determine your best option.
Answered on Sep 11th, 2012 at 2:16 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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It depends upon your income and the amount of debt you have.
Answered on Sep 11th, 2012 at 2:16 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Yes, you should be able to qualify for bankruptcy.
Answered on Sep 11th, 2012 at 2:16 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Probably. The first test is whether your expenses exceed your income. You have to find out which bankruptcy chapter to file under next.
Answered on Sep 11th, 2012 at 2:14 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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Whether or not you qualify to file bankruptcy depends on others factors than what you stated. Most consumer debtors file under Chapter 7 (liquidation) or Chapter 13 (plan with partial repayment of debt). The means test used for Chapter 7 will determine whether or not you can file a Chapter 7. If there is disposable monthly income over $100.00, then a person generally has to file a Chapter 13.
Answered on Sep 11th, 2012 at 2:13 PM
There are criteria for filling bankruptcy. If you qualify, then u can file.
Answered on Sep 11th, 2012 at 2:12 PM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes, you can file bankruptcy. Whether you fit into a chapter 7 or a 13 will depend on factors such as how much money you make.
Answered on Sep 11th, 2012 at 2:11 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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You may. It depends on your income and the county and State you live in. You can check with www.ustrustee.gov
Answered on Sep 07th, 2012 at 11:02 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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No you qualify yourself by passing the means test initially.
Answered on Sep 07th, 2012 at 10:58 AM