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Do I Qualify for Bankruptcy?

Palmdale Bankruptcy Attorney

If you are considering filing for bankruptcy, it is important to remember that you must first be found eligible. There is a procedure utilized that determines whether or not you will be allowed to file for bankruptcy. This is known as a "means test". This test is essentially used to assess your income by deducting your expenses and averaging what your "disposable income" is. Disposable income is any income that is left after expenses have been paid. If your income is far above the average (or median) you may not qualify for chapter 7 bankruptcy, however, you may still be eligible for chapter 13 bankruptcy. With the help of a Palmdale bankruptcy attorney , you will have a better chance of qualifying for bankruptcy. In addition to the means test, there are other documents that must be filed properly in order utilize chapter 7 or chapter 13 bankruptcy. If these are not done correctly, the individual filing could be made to wait months before he or she is allowed to file again. This is just one of the reasons why help from an attorney can be invaluable when considering filing for bankruptcy.

Chapter 7 and chapter 13 are both effective solutions for anyone facing debt. In chapter 7 bankruptcy, the debt is eventually fully pardoned by creditors. Chapter 13 is different in that the individual pays off his or her debt in a monthly payment plan. These payments are far lower than what he or she was paying before and sometimes large parts of the debt are forgiven.

Bankruptcy Lawyer serving Lancaster and the Antelope Valley

Experienced bankruptcy attorneys from the Price Law Group have assisted many clients with bankruptcy qualification. The firm is familiar with every aspect of the bankruptcy process and has guided many successfully through qualification to the end.

Contact a Palmdale bankruptcy attorney from the firm to find out whether you qualify for bankruptcy.

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