Are you aware of the difficult times that we are facing right now? undoubtedly you are, and not just when recessions span of time reach us, at all times people face increasing mounting debts and for some of them to file for personal bankruptcy it is a must more than an option, so the question arise in their minds quickly, do I qualify to file for personal bankruptcy?
In order to answer that question it is needed to determine what your debt levels are at time and what your income is, these are the main criteria factors in order to file bankruptcy. Then determine which chapter is most suitable for you, chapter 7 or chapter 13 bankruptcy.
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Under chapter 7 bankruptcy, that is the most popular by the way, your non exempts assets are liquidated or turned over your creditors, this includes for instance, basic household furniture and vehicles.
Under chapter 13 bankruptcy, if you have a steady income you could be allowed by the court to keep some of your property such as - for example - your car or your home, as mentioned before the court approves a repayment plan, this way during a certain period of time and using future income you pay off debts.
Unsecured debts are eliminated by using either chapter 7 or chapter 13 bankruptcy and debt collection process, foreclosures or repossessions are stopped, depending of the state there are exemptions for both chapters as well, for that reasons and as usual, it is advisable to get expert advise from an experienced bankruptcy attorney that knows specifically laws of the state that is prevalent on your situation.
Also, remember that bankruptcy does not eliminate secured debt, so if you have a mortgage over your home for instance, you could end up losing it because of default on your mortgage payments, so take a close look at this kind of debt.
Finally yet importantly, remember that if judge thinks that your earn enough to pay your debt, your filling could be dismissed, as mentioned before debt levels and income are considered to determine if you qualify to file bankruptcy, but it is mainly a judgment call on the part of the court, so again, specialized advise pays by itself on these cases.
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