What are requirements of filing bankruptcy?

That would depend on if you want to file either chapter 7 bankruptcy or chapter 13 bankruptcy, as there are different requirements for each. Most people are thinking chapter 7 bankruptcy so. With that first. The first requirement is based on the number of people living in your home and your median family income, which could be verified on the government bankruptcy website is your first determination. If for the size of your family, your income is too high you'll be forced to file a chapter 13 bankruptcy. There is no lower limit for how much debt you need to file chapter 7 bankruptcy, and the upper limit is over $1 million which I've never seen anyone filing chapter 7 actually reach. The filing fee for a chapter 7 bankruptcy is $306 and the filing fee for chapter 13 bankruptcy is $281. For chapter 13 bankruptcy you must have regular income, meaning your income does not go up and down from month-to-month to qualify. The reason that you'd use a chapter 13 over chapter 7 is either if you make too much money to file a seven or if you have assets you wish to protect. There are many questions that you did not ask, that should be answered by a qualified and experienced bankruptcy attorney. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob