What are the requirements for bankruptcy?

I have been in a terrible financial situation for a long time. I have been current with my mortgage but I have a great amount of credit card debt. How do I qualify for bankruptcy? What are the requirements of a bankruptcy?

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Answered By: Klinger Law Center

You should consult with an attorney before proceeding, but the basic requirements can be found here:

Chapter 7:

http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter7.a
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Chapter 13:

http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter13.
aspx

Answer Applies to: California
Replied: 8/20/2010

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Law Offices of Michael J. Berger

There are 3 types of bankruptcy that are most commonly used by individuals: Chapter 7, Chapter 11, and Chapter 13. Each type has its own requirements. Chapter 7 has a limit on how much income you can make. Chapter 13 has a limit on how much debt you can have. Chapter 7 is the most common type of bankruptcy. To see if you qualify, call me for a free consultation.

Answer Applies to: California
Replied: 8/19/2010

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Diefer Law Group, P.C.

There are many qualifications that you must meet. You should really seek legal advice.

Answer Applies to: California
Replied: 8/19/2010

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Ariano & Reppucci

Your income will be one of the biggest factors in determining whether you can file under Chapter 7 (liquidation) or Chapter 13 (reorganization), in addition to the type and value of property you possess, and whether you are current on secured debts (e.g. cars or houses you are still paying on). It is best to consult with an attorney, fill out the intakes, and go over which Chapter if any is best for your situation. To discuss further please contact us.

Answer Applies to: Arizona
Replied: 8/19/2010

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.