FAQ
Bankruptcy
Have questions about filing for bankruptcy or consumer protection laws? We have answers. Review commonly asked questions about debt collection practices, bankruptcy, creditor harassment, and more.
The means test is one tool the bankruptcy court uses to determine who is eligible for a Chapter 7 bankruptcy. The means test looks at your income and expenses and compares that to the median income of families of similar size in your state. If you fail the means test, you are likely only eligible for a Chapter 7 bankruptcy.
Call us today to discuss whether or not you could pass the means test and file a Chapter 7 bankruptcy.
When most people think of bankruptcy, they think of Chapter 7. This is often referred to as the “fresh start” because it results in the discharge of all your debts after a successful filing. However, whether or not you qualify for a Chapter 7 bankruptcy depends on a number of factors, including the means test which measures your income.
If your income is too high, you may only be able to file a Chapter 13 bankruptcy. A Chapter 13 bankruptcy still allows you to obtain a discharge, but it requires paying into a bankruptcy plan for a number of years (usually 5). At the end of the plan, your remaining debts are discharged. Call us today for a free consultation to see which Chapter could work for you.
It really depends on what you have and what your financial situation is, but most people are able to keep their home and their vehicles, as well as their household goods, and still file bankruptcy and discharge their debts. Call us today for a free consultation and determine what property you can keep even if you decide to file bankruptcy.
Bankruptcy law is more concerned about the type of debt you have rather than the amount. It’s entirely possible to discharge very large, even massive, sums of debt in bankruptcy, depending on the type of debt. Call us today to see how much debt you can discharge in bankruptcy.
Write everything down. Keeping a written record (like a journal) of everything that happens is an excellent way for you to preserve evidence if you think you may have a legal case, regardless of whether it’s for illegal debt collection or any other potential matter.
Call us today for a free consultation to determine if you may have a legal claim for illegal debt collection, harassment, or any other potential consumer claim.
Call us to come up with a plan before you miss any payments. The earlier you call our office, the more opportunities we may have to help, including alternatives to bankruptcy. Because we never charge for an initial consultation, there’s no risk in contacting us today and preserving your options.
In a Chapter 7 bankruptcy, an individual will typically have mostly consumer debts. The trustee will liquidate or sell certain property, using the proceeds to pay creditors. In a Chapter 13 bankruptcy, an individual keeps his or her property and follows a three to five-year court-approved repayment plan. These payments are used to pay creditors.
