Requirements for Chapter 7 Bankruptcy

chapter 13 lawyer orlando flAre you currently dealing with financial troubles? At The Law Offices of J. Craig Bourne, we strive to offer sound legal guidance to help you make the right choice for every situation. We believe that filing for bankruptcy doesn’t have to ruin your life, which is why we help you determine the option that is best for you. Chapter 7 bankruptcy is a common choice for individuals that can no longer afford their credit card payments and are being sued. Chapter 7 bankruptcies only take about three to six months and provides you with the availability to achieve a credit score of more than 700 within two years of being discharged from your debt.  Check below to see if you meet the requirements to file for a Chapter 7 bankruptcy.

  • If you have debt that totals more than half of your annual income, you may be eligible to file for a Chapter 7 bankruptcy.
  • If it would take five years or longer to pay off your debt, you could qualify for bankruptcy.
  • If your income is less than the median income for a household of similar size in Florida.
  • If your income is higher than the median income, but your fixed expenses, such as your mortgage, alimony, and healthcare leave you with less than $167 of disposable income a month, you may be eligible for bankruptcy.
  • When your debts are mostly from failed business ventures and investments.

There are many more situations that could qualify you for bankruptcy. Contact our chapter 13 lawyer in Orlando, FL today at (407) 894-6750 to learn more about your options.