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

Can I discharge student loan debt through bankruptcy?
What type of information will I need to provide to my attorney before filing for bankruptcy?
How do I change my name after filing for bankruptcy?
Are there restrictions on my ability to travel while filing for bankruptcy?
What will happen to my creditors if I file for bankruptcy?
What is bankruptcy?
How long do I have to wait before I can file for bankruptcy again?
What is creditor reaffirmation?
What is the difference between a Chapter 11 and a Chapter 13 bankruptcy?
What is a reaffirmation agreement?

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

Related FAQs

Related Blog Posts