Ask BCN: Wade Boyette addresses “How do I qualify for bankruptcy?”

“There are several types of bankruptcy that creditors can look at when they’re trying to seek debt relief. Different chapters, Chapter 7, Chapter 11, and Chapter 13. The two most common that we see creditors file for are Chapter 7 and Chapter 13. With Chapters 13 it’s a repayment plan so we have to look at your disposable income to see if you can afford to make monthly payments to pay back creditors part of your unsecured debt. With a Chapter 7 we have to satisfy the means test. That means you have to make an income that is at or below the state level in which you’re seeking relief.”

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