We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
“Am I eligible to file for bankruptcy?” is a complicated question. For starters, there are different types of bankruptcies available, and each program has its own eligibility requirements. There are also other factors that can impact eligibility for bankruptcy in Toledo as well.
If you are unsure if you qualify, now is a good time to explore your options with a dedicated bankruptcy attorney. A bankruptcy discharge could provide you with a fresh financial start.
Chapter 7 bankruptcy is designed for people who cannot realistically repay their unsecured debts. To qualify for this type of bankruptcy in Toledo, you must pass the means test. This test compares your household income to Ohio’s median income for a household your size. If your income is above this threshold, you may not be able to file for Chapter 7. However, other types of bankruptcy could be available to you. You must also complete a credit counseling course before you file your petition.
The financial limitations for this type of bankruptcy are strictly enforced, and our attorneys can help you determine if you qualify. Even if you are unable to meet the means test, we can help you explore your other options.
Chapter 13 bankruptcy is for people with steady income who need time to catch up on their debts. This option differs from Chapter 7 in that you must show that you earn enough to fund a repayment plan typically lasting three to five years.
There are also debt limits to consider. If your secured or unsecured debts exceed certain thresholds, you may not qualify for Chapter 13. In most consumer cases, that is not an issue, but it is important that your attorneys still verify your numbers.
Chapter 13 works well if you are behind on a mortgage or car loan but want to keep your property. Your payment plan gives you a chance to limit some of your obligations while also buying you time to catch up on your house or car payments.
There are other factors that could impact your eligibility for bankruptcy in Toledo outside of the basic requirements. These include the following:
Any attempt to defraud the courts or hide assets can render you ineligible for a bankruptcy discharge. This can take different forms, including understating your assets or hiding property from the trustee.
If you received a Chapter 7 discharge within the last eight years, you cannot file another Chapter 7 yet. If you received a Chapter 13 discharge within the last six years, limits may apply. Timing matters.
You must complete credit counseling before filing and a debtor education course before discharge. If you skip either one, the court can dismiss your case. Thankfully, you can usually reopen your case after completing the class.
If you are considering bankruptcy, it is important that you have a clear picture of whether you qualify before you file your petition. When you work with our firm, you can move forward with confidence knowing you meet the requirements for eligibility for bankruptcy in Toledo. Even if you do not qualify for one type of bankruptcy, you might qualify for another. Our attorneys can carefully review your financial situation before advising you on the right way forward. Reach out to our firm as soon as possible for a private consultation with our team, or click here to fill out our online debt calculator.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
We are a debt relief agency helping people file bankruptcy under the United States Bankruptcy Code.
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