How do I know if I can get approved to file for bankruptcy? 14 Answers as of August 26, 2011

How do I know if I can get approved to file for bankruptcy? Is there a certain debt/income ratio that I have to have? Is there a certain income threshold? How do I know that this makes the most financial sense?

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Heupel Law
Heupel Law | Kevin Heupel
To qualify for bankruptcy it depends on your family size and income. The amount of debt does not matter.
Answer Applies to: Colorado
Replied: 8/26/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
The Means Test in a Chapter 7, or $336,900 in unsecured debt and $1,010,650 in secured debt in a Chapter 13.
Answer Applies to: Washington
Replied: 8/24/2011
Dan Wilson Bankruptcy
Dan Wilson Bankruptcy | Dan Wilson
Consult with an experienced BK attorney. Its to complicated to do yourself, and "information: on the web is contradictory and incomplete.
Answer Applies to: Colorado
Replied: 8/15/2011
Theodore N. Stapleton, PC
Theodore N. Stapleton, PC | Theodore N. Stapleton
Yes you must pass the means test. Generally a household with 2 people cannot file chapter 7 if they make over $48,000 a year based upon last 6 months income but there are many exceptions based upon payments on secured loans and the nature of your debt.
Answer Applies to: Georgia
Replied: 8/12/2011
Law Offices of Joseph A. Mannis
Law Offices of Joseph A. Mannis | Todd Mannis
You see a bankruptcy attorney. With most of us, our consultations are free.
Answer Applies to: California
Replied: 8/12/2011
    Lehn Law, PA
    Lehn Law, PA | Joseph W. Lehn
    Approval to file bankruptcy should not be your only concern. There are income limits for the different chapters of bankruptcy as well as debt limits and many other bankruptcy rules which must be followed prior to filing or you run the risk of your case being dismissed.
    Answer Applies to: Florida
    Replied: 8/12/2011
    Raxter Law
    Raxter Law | Jeremiah Raxter
    It would be best to speak with an attorney who practices bankruptcy law. Most attorneys will provide a free initial consultation. Good luck!
    Answer Applies to: California
    Replied: 8/12/2011
    Paul Stuber, Attorney at Law
    Paul Stuber, Attorney at Law | Paul Stuber
    To qualify to file bankruptcy you must either owe more than your assets are worth or be unable to pay monthly all of your bills. You also need to meet the means test. If you make too much you cannot file a chapter 7 bankruptcy. Not everyone who can file should. You are right to ask what makes the most financial sense? You should go to one of the sites that does credit counseling for possible bankruptcy filers. You will have to get a certificate from one of them to file anyway. They are supposed to take your information and give you advice as to the possible ways of dealing with your financial situation.
    Answer Applies to: Colorado
    Replied: 8/12/2011
    Guardian Law Group PLLC
    Guardian Law Group PLLC | C. David Hester
    Meet with a bankruptcy attorney to discuss your options, you can file bankruptcy, negotiate your debt or use a consumer credit counseling service. Know you options.
    Answer Applies to: Utah
    Replied: 8/12/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    There are certain income limits to a chapter 7 that depend on family size and other factors. You must qualify under the means test. As far as whether this is a good idea for you? I advise you consult with an attorney.
    Answer Applies to: California
    Replied: 8/12/2011
    Grasso Law Group
    Grasso Law Group | Charles Grasso, Esq.
    Schedule an appointment with a bankruptcy attorney who can provide you a free initial consultation to discuss your issues.
    Answer Applies to: California
    Replied: 8/12/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    Generally if expenses exceed income and debts exceed assets the classic qualification for BK has been met. See a good BK lawyer, go over your particulars and you can decide.
    Answer Applies to: Virginia
    Replied: 8/12/2011
    Guerrieri & Cox
    Guerrieri & Cox | Michael A. Cox
    You really should seek a free consultation from an attorney in your area. There are many things we look at, including the type and amounts of debt and your income. There are too many pitfalls to risk not at least getting a free consultation where an attorney can tell you if you should qualify.
    Answer Applies to: Ohio
    Replied: 8/12/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Must see an attorney for all your answers.
    Answer Applies to: California
    Replied: 8/12/2011
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