Do I Qualify For Bankruptcy?

When you are considering filing bankruptcy, it is important to know if you qualify and what type of bankruptcy may be in your best interests. The only way to know this is if you talk to an experienced bankruptcy attorney.

At Vail A. Kaufman, P.A., we use more than 25 years of experience when providing clients insight and guidance in Chapter 7 and Chapter 13 bankruptcy cases. We work closely with clients to help them understand their options while working toward a new financial start.

Call us in Greenbelt, Maryland, today at (301) 513-0500 to schedule a free, no-obligation consultation regarding your bankruptcy case.

Qualifying For Chapter 7 Bankruptcy

Most consumer bankruptcy cases filed in the Bankruptcy Courts are Chapter 7 cases. Since Chapter 7 bankruptcy discharges your debt, there are income, expenses and property considerations to determine if you qualify for this type of bankruptcy. Many people do qualify for a Chapter 7 filing. Your financial situation can be reviewed and the means test (a standardized formula) is one factor used to calculate your ability to repay any of your debt. If the means test indicates that you are unable to pay back the debt, and if you do not own more property than can fit into rather generous exemptions, you will likely qualify for Chapter 7.

Qualifying For Chapter 13 Bankruptcy

After determining that you do not qualify for Chapter 7 bankruptcy, all hope is not lost; Chapter 13 bankruptcy is almost always available. Chapter 13 is a structured repayment plan and many people who do not qualify for Chapter 7 can benefit immensely with a Chapter 13. This type of bankruptcy will allow you to deal with your debts and get back on your feet while repaying them in amounts you can actually afford, even if that amount does not pay them in full.