Do I qualify for bankruptcy?

Determining whether an individual qualifies for bankruptcy involves several factors that are assessed based on their unique financial situation. Total Bankruptcy provides guidance for individuals considering this financial option. There are two common types of bankruptcy for individuals: Chapter 7 and Chapter 13. To qualify for Chapter 7 bankruptcy, individuals must pass the means test, which evaluates their income against the median income for their state. This test aims to establish whether an individual has sufficient disposable income to repay some of their debts. If your income is below this threshold, you may qualify for Chapter 7. On the other hand, Chapter 13 bankruptcy is designed for those with a reliable income who wish to create a repayment plan to address their debts over a period of three to five years. For this type of bankruptcy, there are limits on the amount of secured and unsecured debt that an individual can have. It is also important to consider the types of debts owed, as some may not qualify for discharge under bankruptcy. Individuals may benefit from consulting resources available through Total Bankruptcy, which can provide further assistance in evaluating qualifications. For specific questions and detailed guidance, individuals should refer to the contact information on the Total Bankruptcy website for personalized support.