Do I file under Chapter 7 or Chapter 13
Bankruptcy is often the best way for an individual to find relief from their crushing debts. This does not mean that it is an option for everyone, however. In order to file for bankruptcy, you must first take a means test to determine whether your disposable income is low enough to qualify for bankruptcy. The means test deducts your living expenses from your monthly income to determine your monthly “disposable income.” This balance is compared with the national average and, if your disposable income is low enough, you will be able to file for bankruptcy.
Individuals who have little to no income can file under Chapter 7 to liquidate their non-exempt assets and have the remainder of their debts discharged. For those who have steady income, but are still unable to afford their payments, they can file under Chapter 13 and negotiate a 3-5 year repayment plan before the remainder of their debt is discharged. Even if you are eligible for one of these options, there are still alternatives to foreclosure and other ways of finding debt relief. Contact a Stuart bankruptcy lawyer today to discuss your case and make sure that bankruptcy is truly right for you before making such an important decision.
Bankruptcy Lawyer in Stuart, FL
The offices of Crary Buchanan have the extensive knowledge and experience you need to learn more about bankruptcy so that you can make the right decision. We can help you with the means test, as well as the filing process. Call now at 888.899.8161 or fill out our free case evaluation form to set up an appointment. Our firm has served Floridians for many decades and has a history of loyalty, dependability, and success. Contact us today to learn more about our firm and how we can help you.