The Three Leading Causes of Chapter 7 Bankruptcy Filings in the US – IER Mann Legal News

It is necessary to pass an assessment of your means to determine what income you earn falls within the guidelines to qualify for bankruptcy. You’ll also need to show that you make less than the amount you owe.

You Need to Have Enough To Pay Off Debt

Also, you must have enough debt to be able to file for bankruptcy. The criteria for bankruptcy is if you have more than two or three credit accounts of various sorts. Credit card debt is not permitted. It is necessary to create an inventory of all the accounts that you owe money. The list should include account numbers along with the appropriate balance. The process of filing for bankruptcy can take a long time, it can also be complex. But bankruptcy attorneys are able to assist you.

The Credit of Yours Will Be Hurt

The bankruptcy process and taxes imposed by the state are another trick area. It is possible that you won’t be eligible to receive major credit in the span of 7-10 years as long as your tax liabilities aren’t disregarded by the judges. The answer is yes If you’re wondering, “Are personal bankruptcies public in the public record?” rc5s72s7xt.