Who can File Chapter 7 Bankruptcy or who can File Chapter 13 Bankruptcy?
This is known to all of us, how traumatic the situation of Americans was at the time of economic recession in 2008-09. Most of the Americans were suffering due to the financial crisis. The debtors were afraid of their creditors and their recovery harassments. They were also worried about losing own property due to early foreclosure. The only way the Americans could opt at the last was to file Bankruptcy.
Though the debtors were going through the worst condition, they had to face the embarrassing Bankruptcy filing process. However, many companies are offering Free Bankruptcy services online. There is no need now to take any obligation. The debtors just need to fill up easy online application for free. Then after receiving your application the company representative will get in touch with you. They will try to understand all your financial problems and reason to file Bankruptcy.
Such online services have the team of expert Bankruptcy lawyers who have good experience in dealing with all types of cases. The debtors will be offered free Bankruptcy Counseling by the experienced Lawyers. Under the counseling process, the applicant can ask all the debt related financial issues. There are the chances that they will give you some other debt settlement options in place of Bankruptcy filing. After all they have more knowledge of their field rather than us.
Most of the bankruptcy cases were either falling under the Chapter 7 or Chapter 13 Bankruptcy during the recession. Whatever the Bankruptcy type is, filing Bankruptcy online is the best option. Without leaving the comfort of your home you can get a lot of information about how to go with. The online attorney will guide you how to prepare for documentation and how to deal other debt problems. There are the many similarities in both Chapter 7 and Chapter 13 Bankruptcy. However, there is a significant difference too between the both.
Who can File Chapter 7 Bankruptcy?
- You must be American.
- You should be facing financial hardship or have lost the source of income permanently or for the unknown duration.
- It can only be filed one once in the eight years.
- You will have to go through the Means Test.
Who can File Chapter 13 Bankruptcy?
- You must be American.
- You must have a stable source of income.
- After paying the living expense you must be able to save something
- For next 35 to 60 months, you must be able to make regular monthly repayment.
- You shouldn’t have already filed for Chapter 7 Bankruptcy in last four and for Chapter 13 in last two year.
- The unsecured debt amount must not be more than $360,475 and secured debt shouldn’t be more than $1,081,400.
Filing bankruptcy online is the easiest way and most of people preferred doing that same. So, what are you waiting for? Just start searching for your Bankruptcy service provider online.
Thomson Luther: This gives me immense pleasure to help people with my articles and spread awareness. Filing bankruptcy online and Chapter 13 bankruptcy was not convincing earlier. However, now the scenario has been totally changed because, the online service providers are offering various cost-effective and value-added free Bankruptcy Services.
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