I want to know if I qualify for bankruptcy – what are the eligibility requirements?
Depending on the type of bankruptcy proceedings that you wish to file, there are different eligibility requirements that are set by federal law, and thus apply equally to all states. For instance, there are household income eligibility requirements for persons who wish to file Chapter 7 bankruptcy in order to completely discharge their debts. On the other hand, there are limitations on the types and amounts of debts that you can have if you are looking to file for Chapter 13 bankruptcy reorganization proceedings. Therefore, your eligibility to file bankruptcy will vary based on your personal financial situation and the type of bankruptcy relief that you are seeking.
Additional Chapter 11 Bankruptcy Articles
- Can I file for bankruptcy every few years?
- What is a bankruptcy trustee and who is the United States trustee?