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

In order to be eligible for Chapter 7 or Chapter 13 bankruptcy in Kansas, you must meet certain requirements. To file for Chapter 7 bankruptcy, you must first determine if you are eligible to handle the debt on your own. To be eligible for Chapter 7, you must pass a means test, which evaluates your income and expenses to ensure you do not have the means to pay off your debt without filing bankruptcy. Meanwhile, Chapter 13 bankruptcy is available to debtors who are capable of repaying a portion of their debts. To be eligible for Chapter 13 bankruptcy, you must have a regular source of income and sufficient disposable income to fund a repayment plan. In addition, you must meet certain limits on debt amount and secured debt (such as a mortgage or car loan) to be eligible for Chapter 13 bankruptcy. For more information about bankruptcy eligibility in Kansas, contact an experienced bankruptcy attorney. A qualified attorney can review your specific financial situation and provide you with individualized advice about what type of bankruptcy is best for you.

Related FAQs

How much does it cost to file for bankruptcy?
What are the advantages and disadvantages of filing for bankruptcy?
How often can I receive a bankruptcy discharge?
Do I have to pay taxes on any discharged debt?
Are there any assets that I will be required to sell when filing for bankruptcy?
How do I know if I am eligible for a Chapter 11 bankruptcy?
Are there any exceptions to the automatic stay issued when filing for bankruptcy?
Is there anything I can do to rebuild my credit after bankruptcy?
Do I need to list all of my debts when filing for bankruptcy?
Is there a deadline for filing for bankruptcy?

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

Related FAQs

Related Blog Posts