Am I Eligible for Bankruptcy in AR?
Our Jonesboro Bankruptcy Lawyer Can Help
Are you thinking about filing for bankruptcy but don't know if you
are eligible? At DeLoache Law Office in Jonesboro, we can help you get
answers fast. We will review your financial situation, answer your questions,
and can quickly determine if you meet the eligibility requirement to file
for bankruptcy, and you probably do.
We can advise you about alternatives to bankruptcy that you may not be aware of, and which
could provide a better solution to your financial problems.
Our Jonesboro bankruptcy attorney, Mike DeLoache, has over 24 years of
experience dealing exclusively with bankruptcy and
credit restoration issues. Our concentration in this area of the law means we are highly
skilled of all the different methods by which person solve a dangerous
financial situation, end the stress of overwhelming debt and get a fresh start.
Do you meet the requirements for bankruptcy?
Filing for bankruptcy requires that you meet the federal requirements for
eligibility. If you are filing for either
Chapter 7 or
Chapter 13, you will need to submit a petition to the court with extensive supporting
documentation. You will also need to participate in a U.S. Trustee-approved
agency for credit counseling within six months prior to filing your bankruptcy
petition, and we can point you in the right direction to get this part
of the process completed immediately.
You are required to take the means test. This is a calculation that compares your income to the median income
of similarly sized households in our state. You will most likely be eligible
to file for Chapter 7 bankruptcy protection if your income is less than
the median. Even when your income may initially appear to be above the
state's median, you may still qualify after we review your entire
financial situation. Chapter 13 bankruptcy may also be a considerable
option if your income is higher than the median.