Overview of Bankruptcy Law
A San Jose bankruptcy attorney provides an Overview of the Goal of Bankruptcy Laws:
Bankruptcy laws provide individuals with the opportunity to experience reasonable relief from debt. It also provides creditors with a fair method of payment if the debtor has assets or disposable income available for repayment.
Bankruptcy law gives debtors the opportunity to file for Chapter 7 bankruptcy once every eight (8) years and to file for Chapter 13 bankruptcy once every four (4) years. Filing for bankruptcy is essentially the debtor notifying the federal courts that he or she is unable to repay their debts in the amount that is owed.
An Overview of How to Qualify for Bankruptcy:
Bankruptcy law establishes certain requirements that must be met in order for a person to file for either Chapter 7 or Chapter 13 bankruptcy. In order to qualify for a Chapter 7 bankruptcy, the debtor’s income must be equal to or below the state’s median income level. If this income limit is met, then the debtor likely qualifies for a Chapter 7 bankruptcy.
If the debtor’s income is too high, or if they own assets that they want to keep (but would be liquidated if they filed for a Chapter 7 bankruptcy), then the debtor is likely to file a Chapter 13 bankruptcy. In order to qualify for a Chapter 13 bankruptcy, the debtor must propose a feasible Chapter 13 plan. That means, the debtor must have enough income available to fund a Chapter 13 Plan.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
