What are the requirements to file for bankruptcy?

In Washington, filing for bankruptcy is determined by federal law that applies to all states. To be eligible to file for bankruptcy, the person filing must meet the following requirements: 1. Have not had a bankruptcy case dismissed for failing to abide by court orders within the past 180 days. 2. Have received credit counseling from an approved credit counseling agency beforehand. 3. Have a steady income or sufficient income-generating assets to cover the costs of filing for bankruptcy and paying back creditors. 4. Comply with the state’s means-test requirements. This test determines if a debtor has enough income to repay his or her creditors. 5. File for bankruptcy in either Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. Chapter 7 bankruptcy is designed for individuals to discharge unsecured debts such as credit card bills, medical bills, personal loans, etc. while Chapter 13 requires debtors to repay all or some of their debts over a three- to five-year period. Before filing for bankruptcy, it is important to understand the different types of bankruptcy, the requirements and the potential consequences. It is also advised to consult an experienced bankruptcy lawyer to help you understand the process and make an informed decision.

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