How will you know if you qualify for chapter 7 or 13? what determines that?

Asked over 4 years ago - Orlando, FL

i was told i make too much money to file chapter 7, but what i dont understand if I qualify for chapter 13, is it really reasonable to save home that is in forclosure, rid of back taxes and student loans and still care for a family?

Attorney answers (2)

  1. Dennis Andrew Chen

    Pro

    Contributor Level 17

    Answered . Whether you can file under Chapter 7 depends on whether you pass the Means Test which looks at your household income and your household size. If your income is too high you will most likely be limited to filing under Chapter 13. This is provided that your debts are primarily consumer debts. If your debts are primarily business debts then you will probably be able to file under chapter 7.

    Whether it makes sense to try to save the home and address the other issues depends on your specific circumstances and you should consult a bankruptcy attorney for assistance in making that determination. You should be rpepared to go over you credit report and your entire financial picture when you meet with the attorney.

  2. Stephen M. Dunne

    Contributor Level 12

    Answered . I agree with the following posting and would only like to add that the nolo.com website has a fairly good means test calculator that may be of some assistance.

    http://www.legalconsumer.com/bankruptcy/nolo/

    I would also like to add that you should consult a bankruptcy attorney in your area when you are ready to move forward with your case.

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