If you are thinking about filing for bankruptcy, you may be wondering if there are specific criteria that you need to meet in order to file. For the most part, almost anyone can choose to file for bankruptcy if they have decided that their debts are overwhelming and that something needs to change. However, there are specific requirements for certain types of bankruptcy and limits that you may encounter if you have filed before. A Rockland County Chapter 7 bankruptcy lawyer from our firm can tell you more.
Are There Specific Requirements I Have to Meet Before I File For Bankruptcy?
Just about anyone can file for bankruptcy, but the different chapters have their own more specific requirements for filing. Chapter 7 bankruptcy, for example, requires your income to be below a certain threshold. On the other hand, Chapter 13 requires a higher, stable income for filers. Whichever method you choose, you will also have to go through a credit counseling program before the process can begin.
It’s also important to note that Chapter 11 bankruptcy is also an option for individuals. It is more complicated than Chapter 13 bankruptcy and takes longer to complete, but it can be a good idea for someone running a business who wants to keep that business operational.
Can I File For Bankruptcy If I Have Filed Before?
This is one potential limitation. You cannot just file for bankruptcy over and over again without following some rules. Usually, there are waiting periods to abide by. Someone who files for Chapter 7 bankruptcy could face a waiting period of up to eight years before they can file again. Chapter 13 filers are likely to face waiting periods as well. This is another reason why this decision should be considered carefully.
What Should I Know Before I File For Bankruptcy?
You should be aware of the potential consequences of bankruptcy before you file. This process can make your debts manageable and remove a huge weight from your shoulders, but there are drawbacks.
A bankruptcy can stay on your credit report for years. This can affect your ability to rent a home or take out a loan. It’s important to confirm that this is the path that you really want to go down and that you can live with its consequences.
Do I Need to Hire an Attorney?
There is a lot of paperwork involved when you file for bankruptcy. There are also plenty of potential complications to be aware of and any mistakes made can cause some legal headaches. This is why we recommend hiring a lawyer to help you tackle this process. An experienced attorney can help you get that fresh financial start you’re after.
Talk to a Bankruptcy Lawyer
If you are ready to learn more about the bankruptcy process and whether or not you are eligible to file, contact the Lauterbach Law Firm. We can schedule a consultation and help you sort through options that will allow you to take control of your financial future.
