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What Are the Eligibility Rules for Bankruptcy? 

by Paul Petersen

At times, you might find yourself in a challenging financial position to which you cannot cater to your expenses. In such instances, you tend to fall into huge debt trying to salvage your current situation. However, due to your status, it becomes hard to clear the debts at hand. If you have tried all possible options, yet you cannot get back on your feet, filing for bankruptcy is ideal. It helps in reducing your debts, and better yet, getting rid of them.

However, you need to understand that for you to qualify for a bankruptcy filing, there are rules that you have to follow. A point to note is that the qualifications vary based on the bankruptcy type you are filing. Below are the requirements that you will need to fulfill.

You Must Not Have a Latest Bankruptcy Discharge

If you have filed for bankruptcy in the last eight years, you will not be eligible for another until the time lapses. The bankruptcy law ensures that individuals do not pile up their debts for later discharging.

You Should Not Have a Recent Bankruptcy Dismissal

At times, the court might rule out a bankruptcy filing because it has not satisfied the set requirements. Among the reasons for dismissal are – failing to follow the rules set by the court or presenting false documents. However, you are eligible to file for bankruptcy after 180 days. To avoid any dismissal, you need to adhere to the courts’ rules and regulations.

Must Complete a Credit Counseling Course

For you to be eligible for bankruptcy, you must complete a credit counseling course. You have to complete the program 180 days before filing. The course will only be approved if it is from an agency that is licensed to offer the service. There are two options of doing your credit counseling course: through an online platform or in person.

The reason to undertake the course is that it allows you to be aware of the different types of bankruptcy. With this, you can choose one that suits your current financial position. The counselors will also let you know other debt-relief options that you can settle outside of the court. Once you complete the credit counseling course, you will get a certificate that you will have to present to the court to boost your bankruptcy case.

Seek Legal Advice

Understanding all the bankruptcy law procedures can be a hectic procedure. Thus, you might not know whether you qualify to file for one or not. In such a case, you must seek legal advice from a bankruptcy attorney. The lawyer evaluates your finances and debts to help you determine whether you qualify to file for bankruptcy or not.

Through professional advice, you will not make any mistake that will jeopardize the court’s ruling in your favor. To get the best legal advice, it is significant that you settle for the best bankruptcy attorney in town. At Fair Free Legal Services, we guarantee to satisfy the demands of our clients. Contact us today.

Fair Fee Legal Services
8665 South Eastern Avenue, Suite 101 Las Vegas, NV 89123