• Choosing a Lawyer
• Do you qualify for Bankruptcy?
• Bankruptcy 101
• Bankruptcy Videos
• Chapter 7 Bankruptcy
• Chapter 13 Bankruptcy
• Bankruptcy Statistics
• Bankruptcy Exemptions
• Bankruptcy Courts
• Bankruptcy Trustees
• Financial Calculators
• Bankruptcy Terms and Glossary

Do you qualify for Bankruptcy?

If you're an individual and feel that there is no way out of your debt troubles — filing bankruptcy may be your best option. Individuals file personal bankruptcy because they need financial relief and seek a second start: A Chapter 7 bankruptcy or a Chapter 13 Bankruptcy can help you overcome problems if:

• You are facing home foreclosure and fear losing your house

• There has been wage garnishment assigned to your pay checks

• You have been laid off or face other job problems

• There has been a medical crisis to you or one of your family members

• There are pending lawsuits

• You have recently been divorced

• You want to stop creditor harassment

When these problems are regular occurrences, you'll want to learn more about what filing a Bankruptcy can do to help you. There are Bankruptcy Laws designed to help you. There is life after bankruptcy: Seeking professional advice from bankruptcy attorneys and bankruptcy lawyers will help.

DO I QUALIFY? Here are some basic bankruptcy guidelines after the new bankruptcy laws are in place.

1. You first must take a financial counseling course that is approved.

2. Is your current monthly income more than the median income in your state?

3. If the answer is yes

   1. You must file a five year chapter 13 bankruptcy

4. If your answer is no

   1. You can file a chapter 7 bankruptcy

5. In both cases you must take an approved Credit Counseling Course to get a discharge from your bankruptcy.

Note:  Qualifying for bankruptcy means test = current monthly income minus expenses times that by 60 = result
RESULT = More than 25% = $10,000 or more? Less than 25%=$6,000 or less