There are qualification criteria for each type of bankruptcy, Chapter 7 or Chapter 13.
However, the fact is that most individuals or married couples who need bankruptcy relief can and do qualify for bankruptcy relief, either Chapter 7 or Chapter 13 bankruptcy. The analysis necessary to determine eligibility for Chapter 7 or Chapter 13 bankruptcy is complicated and depends on each individual or married couple’s situation. Although the amount of household income is an important factor, most individuals or married couples who qualify for and then file Chapter 7 bankruptcy do have income from working.
Although there are limits to the amount of household income an individual or married couple can earn and still qualify for Chapter 7 bankruptcy, statistically most candidates for bankruptcy do qualify for Chapter 7 bankruptcy. Each person or couple’s situation is different and the income test used to determine who may qualify for Chapter 7 bankruptcy should be performed by a qualified and experienced bankruptcy attorney.
Generally, if Chapter 7 bankruptcy is not available as an option for an individual or couple, either because of income or some other reason, that same individual or couple can explore the option of a Chapter 13 bankruptcy. You should consult with an experienced Kinkade & Associates bankruptcy attorney regarding your situation and which bankruptcy is right and available for you. Only after a thorough discussion, including an analysis of your unique situation, can a determination be made regarding eligibility for Chapter 7 versus Chapter 13. This is one reason why at Kinkade & Associates we take the time to get to know you and your circumstances. We take the time to discuss and develop the appropriate strategy to provide you with relief from your debt.
Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys. Please give us a call or contact us by email by filing out the contact form on this page.