QUESTION
How do I know if I am eligible for bankruptcy?
Asked on May 02nd, 2011 on Bankruptcy - Indiana
More details to this question:
I am being taken to court to have my wages garnished for a credit card I had years ago. Over the last 3 years I have paid off half the balance, but I now have student loans that I need to pay and haven't had the money to keep up on my payments for the credit card. I'm trying to find out if bankruptcy would be my best solution to help take care of the outstanding credit card and student loans. Any help you could provide would be appreciated!!!
8 ANSWERS
The best way to see if bankruptcy is right for you is to call me. The consultation is free.
Answered on May 17th, 2011 at 9:16 AM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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You are always eligible at any time to file some sort of bankruptcy petition. The only issue is whether a discharge in a prior case will prevent you from getting a discharge in your current matter. To find out what Chapter to file under, you can usually consult with a qualified bankruptcy attorney for free.
Answered on May 05th, 2011 at 10:08 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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A pending wage garnishment can be stopped with a bankruptcy. Students loans must be paid in spite of a bankruptcy. A payment plan under Chapter 13 should be considered as a possible way to control cash flow under these circumstances.
Answered on May 04th, 2011 at 10:28 AM
Trusts & Estates Attorney serving Camarillo, CA
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Law Offices of Larry Webb
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Eligibility is determined by the means test which looks at your income vs. the medium for your area. Students loans are non-dischargeable. Bankruptcy will stop the court action and wage garnishment, but the student loans remain.
Answered on May 04th, 2011 at 10:13 AM
Especially since 2005 and the enactment of BAPCPA, the best way to determine eligibility for bankruptcy is to have a consult with a local, EXPERIENCED attorney. On a side note - student loans, as a general rule, are not dischargeable in bankruptcy.
Answered on May 04th, 2011 at 9:04 AM
Norma Duenas
To determine if you are eligible for bankruptcy you should consult with a local bankruptcy attorney. If you are having difficulty making your payments on your credit cards then there is a high likelihood that you will qualify for either Chapter 7 or Chapter 13 bankruptcy. Most bankruptcy attorneys offer a free consultation and can advice you whether you are eligible for file for Chapter 7 or Chapter 13 bankruptcy.
Answered on May 03rd, 2011 at 12:21 PM
Bankruptcy will take care of credit card debt, but not your student loans. Student loans generally are not dischargeable in bankruptcy. They survive bankruptcy. Eligibility for chapter 7 relief is based on a means test. If your income is below the median income for your area, or you otherwise pass the means test, you are eligible for chapter 7 relief. You should speak to an attorney about your situation.
Answered on May 03rd, 2011 at 11:42 AM
Most people are "eligible" for some type of bankruptcy relief. Except in very rare cases of hardship, student loans are not dischargable in bankruptcy.
Answered on May 03rd, 2011 at 11:19 AM