Determining your eligibility for bankruptcy depends on several factors, including your income, the amount of debt you owe, and your overall financial situation. For Chapter 7 bankruptcy, you must pass a means test, which compares your income to the median income in your state. If your income falls below this threshold, you may qualify. Chapter 13 bankruptcy, on the other hand, requires you to have a stable and regular source of income, as it involves setting up a structured repayment plan to pay off your debts over time. Consulting with a bankruptcy attorney can help you better understand which chapter may be right for you based on your unique circumstances.
Our Kansas City bankruptcy lawyers want you to succeed after filing for bankruptcy and we'll do everything in our power to make that happen. Give us a call at 816-842-6200 to speak with an attorney about your financial situation, or contact us online to schedule your free consultation.
