Where To StartStep #1 is to use our free bankruptcy evaluation below to get more information about bankruptcy.
Available OptionsAs with anything, the sooner you act, the more options you will have. Start on our free evaluation below.
Rebuild Your CreditAfter bankruptcy, your bills will be lower, but it's crucial to rebuild your credit ASAP. We'll help you there too!
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Am I Eligible To File For Bankruptcy?
If you’ve decided to file for bankruptcy and seek protection from the U.S. Bankruptcy Court, you probably discovering that bankruptcy can be a complex process. In fact, in order for the bankruptcy court to even accept your petition, you must meet some very specific criteria. In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act was established to make sure people were not taking advantage of the bankruptcy system.
This act requires anyone considering bankruptcy to go through the credit counseling process first. In this process, you'll work with a counselor who can verify that bankruptcy is your best option.
Another new requirement of this act is the need to provide more income and expense documentation. In some cases, you must also explain your expenses in the event you exceed the standard allowed expenses.
The form on the left will allow you to speak with an attorney to determine if you meet the requirements for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
Another change in the law is requiring the filing attorney to take more responsibility for the client who is filing for bankruptcy. The attorney now has to certify that the petition for bankruptcy has been thoroughly examined and the applicant is not taking advantage of the bankruptcy system.
For personal bankruptcy, you'll either qualify for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. A Chapter 7 basically eliminates your debt, while a Chapter 13 establishes a repayment plan.
For a Chapter 7 bankruptcy, you'll need to take a means test. This is a test that will establish your ability to repay your debt. In the event your income is not sufficient enough to repay your debt, even with a debt management plan, you'll likely qualify for a Chapter 7 bankruptcy.
With a chapter 13 bankruptcy, your income and expenses will be verified. Your excess income will be applied to your Chapter 13 repayment plan.
"Bankruptcy is only one option for getting out of debt. You can also try a debt consolidation loan, or debt settlement." Regardless of why you are filing for bankruptcy, or which bankruptcy is best for you, it's important to be honest when disclosing these facts.
To successfully complete a personal bankruptcy filing under either Chapter 7 or 13 of the U.S. Bankruptcy Code, you must pass a financial management (also called “debtor education” course). Introduced by BAPCPA, this course is designed to help you take advantage of the fresh financial start bankruptcy may offer you.
Like the credit counseling briefing, the financial management course can be completed online, over the phone or in person.
Filing for bankruptcy doesn't have to be scary, just make sure it's your best option before moving forward.
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Learn about everything you need to know about the Bankruptcy Courts here!
