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How Do I Qualify For Bankruptcy?
There was a law that was passed in 2005 that is called the Bankruptcy Abuse Prevention and Consumer Protection Act.It makes it harder to file for bankruptcy. Today in order to file for bankruptcy you need to take a means test that will determine your assets and income verses your ability to pay your debts. Thus, in order to be able to file for bankruptcy you must meet all of the conditions that include passing the means test as well as getting credit counseling. We would advise you to seek the counsel of a Tulsa bankruptcy attorney to determine if you qualify for bankruptcy or not.
Passing The Means Test
The means test will determine all of your income. This test will be able to help you determine if you qualify for Chapter 7 or 13 Bankruptcy. The test will determine the average of all of your income over the past six months. You will then be able to determine if you can file for Chapter 7 Bankruptcy. If your income is too great to file for Chapter 7 then you can often times after discussing with your lawyer be able to file for Chapter 13 Bankruptcy.It is important that you discuss all of your options with your bankruptcy attorney as they will be able to better help you understand what you qualify for and then advise you if you should file for Chapter 7 or 13 bankruptcy.
Credit Counseling Is Mandatory
Once your Tulsa bankruptcy lawyer and you have discussed all of your options and you have decided to file for bankruptcy it is mandatory that you get credit counseling within 180 days. Often times your lawyer will help you find a credit counselor or they have a credit counselor that they refer to all of their clients. Either way it is mandatory that you get credit counseling after filing for bankruptcy.