Am I Eligible to File Bankruptcy?
In general, bankruptcy is available to anyone residing in the U.S.
You do not need to be a United States citizen to file bankruptcy. However, if you have filed bankruptcy in the past, you may have to wait before you can have your debts eliminated again by bankruptcy. If you have filed a Chapter 7 bankruptcy before, you will have to wait eight years from the time you filed that case before you can have your debts eliminated by another Chapter 7 bankruptcy. If you filed a Chapter 7 bankruptcy case more than four years ago, you may be eligible to have your debts eliminated by a Chapter 13 bankruptcy. You may be eligible to file a Chapter 13 bankruptcy if your debts were eliminated by a Chapter 13 bankruptcy more than two years ago. If your filed a Chapter 13 bankruptcy before and want to eliminate your debts in a Chapter 7 bankruptcy, you will have to wait six years.
If your household income is over a certain amount, you may be limited to filing a Chapter 13 bankruptcy. You may be eligible to file Chapter 7 bankruptcy if your household income is less than the median income in Colorado and if you have not gotten a Chapter 7 bankruptcy discharge in the previous eight years. There are other factors that come into play to determine whether or not you are eligible to have your debts eliminated by bankruptcy, such as whether or not a previous bankruptcy case was dismissed or if the bankruptcy court determined that the previous bankruptcy case involved fraud. Also, if your income greatly exceeds your expenses, you may be deemed to have sufficient income available to have to pay back some of your debt in a Chapter 13 bankruptcy.
As you can see, whether or not you qualify for bankruptcy involves a thorough analysis. To learn more about whether or not Chapter 7 bankruptcy or Chapter 13 bankruptcy is your best option, schedule your free, confidential bankruptcy consultation with a Colorado bankruptcy attorney today. Our online scheduling system allows you to schedule bankruptcy consultation at a time that is convenient for you.
Colorado Bankruptcy Law Group, LLC is a personal bankruptcy firm serving clients in the greater Denver area.
