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Home  >  Articles  >  Am I Eligible for Chapter 7 Bankruptcy?

Am I Eligible for Chapter 7 Bankruptcy?

Filing for bankruptcy is a much more involved process than most people realize. Many people believe they can achieve debt forgiveness by simply filling out a few forms and signing their name. In order to qualify for Chapter 7 bankruptcy a debtor must be able to demonstrate that they are truly unable to pay their debts and not simply choosing to allocate their resources to different purposes. A committed and experienced bankruptcy lawyer can help you to determine whether you might be able to seek the advantages of Chapter 7 bankruptcy protection.

If you are struggling to make ends meet and are unable to keep pace with your financial obligations, it may be appropriate to consider filing for bankruptcy. To discuss your situation with a compassionate and capable attorney, contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, at (319) 294-5853.

Chapter 7 Bankruptcy Eligibility

Recent amendments to the United States Bankruptcy Code require more effort and verification by debtors in order to limit the number of filings which might be regarded as unnecessary or abusive. The following are some of the eligibility requirements:

  • A debtor must submit to the means test, which examines their income and expenses
  • A debtor must undergo credit counseling within 180 days of filing
  • A debtor must not have had a Chapter 7 bankruptcy discharge for a case filed within 8 years prior to filing

There are many other issues to be considered, and if you believe that bankruptcy may be the solution for your current state of financial distress, we can help you to assess your eligibility.

Contact Us

Do not hesitate to speak with a lawyer about the possible benefits of a Chapter 7 bankruptcy filing if you are under tremendous financial distress. Contact a Cedar Rapids bankruptcy attorney of Hong Law, PLC, by calling (319) 294-5853 today.

 

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