If you are experiencing extreme financial distress, such as mounting credit card debt, medical bills, property foreclosure, repossessions, etc., filing for bankruptcy might be your best option. Before filing for bankruptcy, however, you need to do some research on the most respected bankruptcy attorneys in your area and make a decision on which one you want to hire to handle your case and advise you on all the ins and outs of filing for bankruptcy. Jacksonville, Florida residents have a number of quality bankruptcy law offices at their disposal, such as the Bankruptcy Law Firm of Lansing J. Roy, P.A., which is located on Shadowood Lane.
Though shelling out for legal assistance can be pricy, especially for someone already contemplating bankruptcy, hiring a bankruptcy attorney is vital. Bankruptcy attorneys explain the primary purposes and applications of bankruptcy laws and how they relieve individuals from financial distress and help them get a fresh financial start. Jacksonville bankruptcy law offices, such as the Bankruptcy Law Firm of Lansing J. Roy, P.A., provide the services of the best bankruptcy attorneys in the area, and they will help assist you in formulating a court-approved arrangement to repay the various financial institutions you owe money to in a specified period of time.
With bankruptcy laws changing all the time, you need to be certain that you hire an attorney who is not only well-versed in bankruptcy law, but is also up to date on the very latest developments. Bankruptcy is a complicated procedure, and going through it without legal assistance is not a viable option. By doing some research and hiring the right bankruptcy attorney, you can ensure that you get the help you need to get a fresh financial start.
The question we get the most from people is “do I qualify for chapter 7 bankruptcy?” While the bankruptcy laws are supposed to be accessible to everyone, they can be perplexing, and the new bankruptcy laws have changed how courts determine if someone is eligible to file for ch 7 and ch 13 bankruptcy. Let’s look at who can file a chapter 7 bankruptcy?
Individual – You must be an individual to file ch 7. You can be single or married. You do not have to file with your spouse if you are married. If you are married and filing alone you will have to include your spouse’s income to be considered for your eligibility to file.
Income – Chapter 7 filers must complete a means test that takes your income and expenses into account to determine if you are able to pay a portion of your debt. Your income is compared to the state median for a family of your size, if it’s below the median then you qualify for chapter 7.
If your income is above the median you may still qualify for ch 7 by providing supplemental information on your expenses to determine your disposable income. The means test will then compare your living expenses to the IRS standard allowances that have been set for where you live. You may also be able to include extraordinary expenses you may have due to medical and other conditions that will have to be explained to the bankruptcy court.
If your disposable income is lower than $6000 you qualify for ch 7, if it’s more than $10,000 you do not qualify for chapter 7 bankruptcy. If it’s between $6000-10,000 and you can pay at least 25% of your unsecured debt then you do not qualify for ch 7, if you cannot pay at least 25% then you can file chapter 7 bankruptcy. The new means test can be complicated if you make more than the median income, so it’s important to consult a bankruptcy attorney.
Guest Article Provided By: BankruptcyFormProcessing.com where you can find personal bankruptcy information, and DoItYourselfBankruptcyForms.com where you can find free bankruptcy forms online.