Can I File Bankruptcy? Eligibility | FilingForBankruptcyOnline.com

In order to obtain Chapter 7 eligibility to file for bankruptcy, individuals must take the means test, which has been implemented by the federal government in order to prevent abuse of the bankruptcy system by consumers. In order to be granted a Chapter 7 discharge, individuals must not only take the means test, but also, complete credit counseling and other considerations specific to Chapter 7 eligibility. Having an attorney guide you through this process can be helpful, due to the complex and time consuming nature of these cases.

How to Obtain Right to File for Chapter 7

In order to file for Chapter 7 liquidation, debtors must not only meet and pass a means test, which will assess their overall income versus expenses, as well as outstanding debt obligations, but also, assess whether or not bankruptcy is the most viable economic solution to one’s financial problems. If the credit counseling agency, which must be approved by the bankruptcy courts, finds that there are other solutions, aside from filing Chapter 7, they will forward these findings in a certified document to the bankruptcy courts. For this reason, and in order to save time and money, many consumers will seek the counsel of a bankruptcy attorney before even beginning the bankruptcy filing process.

Consecutive Bankruptcy Filings by One Person

Bankruptcy filings in successive periods are no longer allowed under the new federal bankruptcy codes. This is due to abuse by consumers, who would use bankruptcy as a form of personal financial strategy, which it was not designed to do. If you have filed for bankruptcy in the last six years, you may not be eligible to file for bankruptcy again. For individuals that have filed for bankruptcy in the last six years, the courts consider bankruptcy cases on an individual basis, which is beneficial, however, they do frown upon successive bankruptcy filings and seek to mitigate future financial problems from consumers through mandatory credit counseling.

Getting Legal Help from a Bankruptcy Attorney

A bankruptcy attorney can not only address existing creditors for a debtor, but also, stop wage garnishment, prevent collections actions, and initiate the bankruptcy filing process for consumers. Additionally, an attorney will prove helpful during bankruptcy proceedings, to ensure that all elements of your personal bankruptcy case are satisfactory and in your best interest.

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