How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?

In order to determine if you are eligible for Chapter 7 or Chapter 13 bankruptcy in the District of Columbia, you must first meet certain qualifications. First, you must have the ability to make monthly payments in Chapter 13. This means that you must have a steady source of income, and you should have enough money to cover your monthly expenses and to repay a portion of your debt through a repayment plan. Second, you must pass a means test to qualify for Chapter 7. This means that the amount of disposable income after subtracting your necessary expenses must fall below a certain level. The amount is based on your household size, location, and income. Finally, Chapter 7 and Chapter 13 bankruptcy laws in D.C. also place limitations on the type of debt that can be discharged, as well as the amount of debt that can be discharged. Generally, taxes, student loans, and child support obligations are not dischargeable. Additionally, there are limits on how much unsecured debt can be discharged in a Chapter 7 case. If you meet these qualifications and have the ability to make monthly payments, you may be eligible for either Chapter 7 or Chapter 13 bankruptcy. However, it is important to discuss your situation with a qualified bankruptcy attorney to determine which option is best for you.

Related FAQs

Will I lose my property if I file for bankruptcy?
What is the difference between a Chapter 11 and a Chapter 13 bankruptcy?
Are there additional filing fees associated with filing for bankruptcy?
Is it possible to have a bankruptcy case dismissed?
Can I file for bankruptcy to stop creditor harassment?
How do I obtain a copy of my credit report after filing for bankruptcy?
How long does it take to file for bankruptcy?
How will filing for bankruptcy affect my credit score?
Can I keep certain types of tax debts when filing for bankruptcy?
How do I know if I qualify for a Chapter 13 bankruptcy?

How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?

Related FAQs

Related Blog Posts