Often, the first question asked by a person contacting our office is "Do I qualify for bankruptcy?" Qualifications for bankruptcy vary by individual and situation, but generally, you qualify for bankruptcy if your budget does not have cover reasonable living expenses and payments to your creditors. Living expenses and required payments must be reviewed on a case-by-case basis, but if you find yourself struggling to pay bills each month, you may qualify for bankruptcy.
When Ted Machi & Associates, P.C. evaluates your financial situation, we will not only evaluate your eligibility for bankruptcy. We will help you determine if it is wise or prudent to seek the protection of filing bankruptcy. Consider our on-line bankruptcy evaluation. It is free and an attorney will be able to review your situation.
Unless you have have acted in "bad faith", you will qualify for bankruptcy according to your ability to pay all of your creditors after paying your living expenses. Acting in "bad faith" would include actions like spending lots of money on luxury items just before filing bankruptcy or committing identity theft.
Qualifications for Chapter 7 bankruptcy and qualifications for Chapter 13 bankruptcy differ, and Ted Machi & Associates will help you decide which may be right for you. Contact us today for free evaluation of your position. If you are struggling to pay your bills, we can help. You can make a fresh start.