I live in California if that makes any difference !
3- are there any set of rules for someone to be qualified as an eligible person to declare and be approved by the court for bankruptcy?
Anyone can file for bankruptcy, but there are limitations on who may be a debtor in certain chapters. There are also limitations on when you can get a discharge. These limitations are far more complicated than can be explained in a post like this without knowing anything about your facts. What price is reasonable also depends on your facts and how complicated your bankruptcy would be. That's all the bad news; good news is that many bankruptcy attorneys offer free consultations. You would be well-served to set up one or more appointments with local attorneys, learn your options, and find counsel that works well with you. Best of luck to you.
This is general information, based on limited facts, and does not constitute legal advice or the forming of an attorney-client relationship. If you want legal advice for your particular situation, you should contact a local attorney who can counsel you regarding your particular situation. Mr. Waddell is a bankruptcy attorney who helps people file bankruptcy and is designated as a debt relief agent under federal law.
Anyone who resides in the United States or has property located here can file a bankruptcy case. However there are a number of factors that determine whether a person who files a bankruptcy case can receive a discharge of debts under chapter 7.
Generally, for a chapter 7 case to be successful (result in a discharge of debts) the debtor cannot have a significant amount of disposable income (income left over after debtor's necessary and allowable expenses are paid). Also, a debtor that files under chapter 7 should have little or no property that is not exempt (protected). If the value of your property is known, a bankruptcy attorney can tell you whether all or part of your property is exempt. In most cases this is not very difficult to determine.
There are of course other factors to consider, and you can find out more by scheduling a consultation with a local bankruptcy attorney.
This answer is for general information purposes only and is not legal advice. No attorney-client relationship is intended or formed by the posting of this answer. Law Office of Lisa J. Espada * San Francisco, CA *
1) Not everyone qualifies for a Chapter 7 Bankruptcy, further, a Chapter 7 may not be advisable under certain circumstances.
2) The attorney fees will be negotiated between the client and the attorney. Many factors come into play. The filing fee is $335.00 for a Chapter 7
Consult with a local attorney in your area. Many offer a free initial consultation.
Anyone who is eligible may file for bankruptcy but most people are not eligible, as they must meet a "good faith test." See link below. Whether or not a bankruptcy is appropriate for someone is a far more important issue to consider. Hope this perspective helps!
You've received several very good answers. I'll add that you should consult with an experienced bankruptcy attorney in your area, sooner rather than later, to get meaningful answers to your questions. There's far too much involved to be able to answer your questions in this online forum.
This reply does not constitute legal advice or establish an attorney-client relationship.
I think what would be most helpful for you to get an answer to both questions is to find an attorney in your area and schedule an initial consultation. Many attorneys offer free initial consultations, and the attorney can sit down with you and discuss your individual situation to hammer out what your options might be. Fees for bankruptcy really vary- my firm doesn't have set prices since some cases are much more complicated than others and we don't want to overcharge anyone with a fairly simple case.
Actually 2 included 3 and 3 was 4 and 4 was a compound question, so really 4 included 5, but hey, who's counting? These can be straightforward questions on a case by basis, but there's a complex Code, Rules, Local Rules and vast case law that address these matters on a general basis.
This answer (by San Diego bankruptcy attorney, Asaph Abrams) doesn’t address all facts & implications of the question; it’s general info, not legal advice to be relied upon and exceptions may apply. It creates no attorney-client relationship; it may be pertinent only to CA and/or its Southern District Bankruptcy Court in San Diego. It’s independent of other answers. It may be time sensitive, as in past the “Use by” date: laws and case law change. Hire a bankruptcy lawyer before acting or refraining from bankruptcy or other legal action.
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