Do I Qualify For Bankruptcy?
“I thought only very poor people filed bankruptcy.”
Surprisingly enough, bankruptcy has little if anything to do with poverty. People of all income levels have used bankruptcy as an effective debt relief tool. For example, companies belonging to Donald Trump, the well-known billionaire businessman and real estate mogul, have filed bankruptcy four times. Mr. Trump, along with many other financially successful Americans such as Benjamin Franklin, has liberally used bankruptcy laws to his advantage.
So What Does It Take To Qualify For Bankruptcy?
The formula by which you will prove your eligibility for bankruptcy may seem complex and detailed, but it boils down to one issue: Do you owe more than what you can reasonably repay? In other words, bankruptcy is a legal debt relief option.
We Can Walk You Through The Means Test With Minimal Stress
Part of the process of preparing for bankruptcy is to take the means test as prescribed by the 2005 bankruptcy laws. An experienced lawyer at Bird & Van Dyke, Inc. – A Professional Law Corporation can walk you through the means test with little trouble or hassle. The means test takes into account your income as compared to the median income for a typical California family the same size as yours.
Chapter 7 Or Chapter 13?
The bankruptcy means test will determine whether you qualify for Chapter 7 bankruptcy, which has the power to wipe out unsecured consumer debt such as credit card debt. If the means test indicates you have too much disposable income for Chapter 7, then Chapter 13 bankruptcy may be right for you.
Consumer Bankruptcy Lawyers Offer Free Consultations
Contact Bird & Van Dyke, Inc. – A Professional Law Corporation at our law office in Stockton (209-390-8877). Bankruptcy qualifications? Attorneys at our law firm can evaluate your individual financial situation and advise you accordingly.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.