Bankruptcy Requirements

Find out the requirements you need to successfully file for bankruptcy today.

We’re living in a time when a lot of people are struggling to pay their bills, and most people don’t even know what bankruptcy requirements even are. Generally when someone is facing bankruptcy it isn’t because of irresponsibility. In fact, in 2012 over half of all the people filing for bankruptcy are doing so because of medical bills, unemployment, or financial hardship. This isn’t a group of people that are running up credit cards, and these are individuals that really need assistance. Well, how do you know what bankruptcy requirements are, and what steps you need to take to help ease your financial burden?

Bankruptcy requirements are the minimum things that you need to have in order to qualify for bankruptcy. In recent years there have been many laws and amendments added to make the process of filing for bankruptcy more stringent. Many people were abusing the system, so bankruptcy requirements were put in place to help assist those that need bankruptcy.

There are filing requirements that must be met before you can even attend proceedings for your bankruptcy. Each Chapter has individual items that you must file to even start your bankruptcy case. If you forget to file one of these important items you could potentially have your case dismissed. These vary slightly from Chapter to Chapter, so it is important to thoroughly research this process.

There are also bankruptcy requirements that are completely centered on your financial information. For example, to even be able to file for a Chapter 13 you have to be under 360,475 dollars in unsecured debt, and under 1,081,400 dollars in secured debt. This is non-negotiable, and every other chapter varies a little bit in the minimum and maximum values that you can hold. It all depends on the outcome that you want from your bankruptcy proceedings, as to what bankruptcy road you will take. Whichever Chapter you choose, you have to make sure that you have all the bankruptcy requirements necessary to qualify. Otherwise your case will be dismissed and you will have to start the process all over again. So pick the Chapter that you meet the minimum requirements for, as well as suits your financial needs