After Congress changed the law in 2005, a lot of misinformation about who was eligible for bankruptcy was spread. A lot of that misinformation still lingers to this day, and many people believe that they are not eligible for bankruptcy. In reality, we have found that the majority of people who are in debt over their head are eligible, if not for Chapter 7 bankruptcy, then for Chapter 13.
At the Arizona Law Group of Trezza & Associates, we can advise you on whether you qualify for Chapter 13 bankruptcy. Contact us to set up a consultation with one of our attorneys.
Chapter 13 Lawyer in Tucson
Before the law changed in 2005, virtually anyone could file for bankruptcy. Unfortunately, congress felt the system was being abused and a means test was added into the process.
When you take the means test, you will enter information about your income. As part of the test, you will also enter a variety of deductions. When you complete the test, it will tell you if you qualify for Chapter 7 bankruptcy. If you do not, it is because you have enough disposable income that could be used to pay off some of your debts. The means test will actually show how much of your disposable income has to be supplied to creditors as part of the debt payment plan that will be developed as part of Chapter 13 bankruptcy.
As little as 50 dollars of disposable income can make the difference between qualifying for Chapter 7 and qualifying for Chapter 13. For that reason, it is critical to have an attorney assist to ensure that everything is accurate and nothing is overlooked.
Examining Your Personal Financial Situation
To some extent, bankruptcy is self-qualifying. Nobody wants to file bankruptcy. The people who consider it are people who are in serious financial trouble. Not surprisingly, the vast majority qualify. The question is really, which chapter do you qualify for? Sometimes, people who qualify for Chapter 7 choose Chapter 13 in order to protect certain assets.
We will carefully analyze your situation to determine whether Chapter 13 bankruptcy is right for you. We will only file if we determine that this form of bankruptcy meets your needs.
Contact a Tucson Chapter 13 Attorney Today
Have a question about filing for Chapter 13? Arizona Law Group of Trezza & Associates, LLC can help you today. Contact a Tucson Chapter 13 lawyer today to discuss your options.
