Overwhelming debt is a common problem in the world today. Many consumers are now claiming bankruptcy to solve their problems. Not everyone qualifies, but you may have a good chance of getting approval if the following situations apply to you:
You Earn Less Than You Owe
One of the most obvious signs that you need to file bankruptcy is your debt-to-income ratio. For example, you may be bankrupt if you earn $30,000 a year, but your bills are $35,000 a year.
Your Income Level Is Subpar
The means test is one of the first things a bankruptcy lawyer will do when he meets you. He will measure your income to see if you fall below the state median. If it does, then you have a good chance of qualifying to file for bankruptcy. You might be eligible for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
You Can’t Pay Your Creditors
If you can’t pay your creditors at all, an attorney can get the judge to agree to put you on a Chapter 7 bankruptcy. A Chapter 13 bankruptcy attorney in Baltimore, MD. can help you come up with a plan to repay your creditors in small increments if your income is very low.
You should visit a well-established Chapter 13 bankruptcy attorney in Baltimore, MD. if you feel as though you will not be able to pay your bills. Start working on it now so that you can get that ruling sometime soon.
Contact Christman & Fascetta LLC at http://christmanandfascetta.com for a bankruptcy evaluation to see if you qualify.