Eligibility Criteria

Chapter 13 bankruptcy information, chapter 7 bankruptcy, bankruptcy information there are certain eligibility criteria for both chapter 7 and chapter 13 bankruptcy information which the individual should meet to get approve. There are many alternatives for people who have large debts in their account. If a person finds that the non-bankruptcy options are not viable then he should make a choice between filing chapter 7 liquidation process or debt adjustments. Under chapter 7 bankruptcy filing, one can get discharged from his debts and keep few assets like home goods, automobile but this should not exceed the values decided by the U.S. bankruptcy code.

If a person files chapter 7 bankruptcy correctly than he can retain many assets and overcome his debt. Bankruptcyonly can help people in such cases. It provides excellent service for filing bankruptcy. The chapter 7 bankruptcy filer should be residing in the United States. Additionally they should not have been involved in filing bankruptcy prior in 180 days. They should therefore receive their offer from any approved credulous agency. For receiving a discharge of chapter 7 bankruptcy, the debtor should not have received their chapter 7 bankruptcy discharge in their previous eight years or chapter 13 bankruptcy discharges in the previous six years.

The medina income decides whether a person can file chapter 7 bankruptcy or not. If the average income of the filer is measured against the median income and it’s lower than the individual can file chapter 7 bankruptcy. If it exceeds then one has to undergo a means test. In the means, the average amount of the income is subtracted from the average monthly expenses and this test is the margin excess income. Further, the person has to decide how to file for chapter 7 bankruptcy. If a person can’t file chapter 7 because of the median family income then he is eligible to file for chapter 13 Chapter 13 bankruptcy permits the person to seek protection from their property and design a payment plan. In this plan, the payment is done to all the creditors under the supervision of a trustee. According to the chapter 13 bankruptcy information there are few approval guidelines which the filer should meet. The filer should have a regular income and his secured debt should be less than $1,010,650 and the unsecured debts should be less than $336,900. the filer should therefore receive the credit counseling from any approved offer agency. To get discharge for chapter 13, the person should not have got in previous 4 years for chapter 7 discharge bankruptcy and 2 years for chapter 13 bankruptcy. It’s better to take on advice from attorney before filing any child of bankruptcy. One should therefore discuss the personal bankruptcy information with the attorney.



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