Can I declare bankruptcy? Have probably asked you this question a thousand times. The answer is simple, everything depends on whether you meet some basic criteria for filing a bankruptcy petition. This article will examine the initial requirements.
First, you can not file a bankruptcy petition if you had a bankruptcy discharged in less than seven years. Secondly, you can not file a bankruptcy petition if, in the last 180 daysShe had to dismiss a bankruptcy, because you do not comply with a provision of the Bankruptcy Code or any other proceedings or the Court ruling. You can not even if within the last 180 days of your own will be released after a creditor filed your files an application for exemption from automatic.
If none of these things apply to you, then you can have a Chapter 7 request for exemption file. However, in order to file Chapter 13 or what is called "a" wage earner "Procedure, there are some additional criteria you must meet. First and foremost, you will be the most a worker with a "regular income" and you can not a stockbroker or a commodity broker. Next, you must have less than $ 250,000.00 in unsecured debt and less than $ 750,000.00 in secured debt.
As you can see, people who live in high cost of property value states like California and parts of Florida, where the average price for a house exceeds one million U.S. dollars, it might have a hard timeCandidate for a Chapter 13 petition.
These are the basic considerations you need to commit themselves to determine whether you are entitled to file for bankruptcy protection. Because Your individual situation may differ from the assumptions in this article, which is intended for general purposes in different, you should always check with a competent lawyer before you in a legal matter
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