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

If you live in Virginia and are considering filing for bankruptcy, you may be eligible for either Chapter 7 or Chapter 13 bankruptcy. Whether you qualify for Chapter 7 or Chapter 13 bankruptcy will depend on your overall financial situation, including your income and debt. In order to file for Chapter 7 bankruptcy, you must pass a “means test.” This test examines your income and expenses to determine if you have enough disposable income to pay off your debts. If you do not pass the means test, then you may be eligible to file for Chapter 13. In order to be eligible for Chapter 13 bankruptcy, you must have a steady source of income, such as a job or pension. You also must have sufficient disposable income to pay back some amount of your debts over a three- to five-year period. Additionally, you must have unsecured debts that are less than $419,275 and secured debts that are less than $1,257,850. You also must have filed your taxes for the past four years and completed a credit counseling course within the last 180 days. If you believe that you may be eligible to file for bankruptcy, contact a qualified bankruptcy attorney in Virginia who can help you better understand your options.

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

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