Bankruptcy Rules & Procedures

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Before you get into a bankruptcy case, you'll want to acquaint yourself with the rules and procedures involved.

The first thing you'll need to learn about are the eligibility rules. In order to qualify for a Chapter 7 bankruptcy, you'll need to meet the income requirement. If your income exceeds the median income in your state, you'll need to pass the "means test". This test is designed to calculate your ability to repay some of your debts through a Chapter 13 repayment plan.

If you meet the Chapter 7 requirements, or you choose to file for Chapter 13 bankruptcy, then you'll want to learn about the procedures involved. In most Chapter 7 bankruptcy cases, the things you'll need to accomplish are the pre-bankruptcy credit counseling, the filing of the bankruptcy petition and associated forms, the 341 hearing and the post bankruptcy credit counseling course.

In Chapter 13 all of the same procedures apply, except that you will need to create and propose a repayment plan and attend a confirmation hearing where your proposed plan must be "confirmed".

In this section you'll find more in-depth information on these procedures.