We understand that you have bankruptcy questions that need answers. We are here to answer your questions. We offer free consultations to help answer those questions. The bankruptcy lawyers at Ferguson & Ferguson have extensive bankruptcy experience. Our firm has helped thousands of individuals and small businesses find the debt relief they deserve through bankruptcy protection. During your free consultation, we can evaluate your financial circumstances and let you know which type of bankruptcy you qualify for.
Congress created a threshold about how creditors will be paid in bankruptcy. Our attorneys know how to work through the means test process so you can complete a Chapter 7 bankruptcy without any issues. Chapter 7 bankruptcy is for filers who truly cannot afford to pay their debts. To qualify, a debtor must pass the means test, which is an analysis of income, expenses and total amount of debt. If a debtor has enough disposable income to pay back even a portion of the total debt, that person will need to file for Chapter 13 bankruptcy.
The means test involves a complex formula, and your attorney must have a detailed knowledge about your state’s median income levels. If you are wondering whether you qualify for this type of debt relief, speak with our Huntsville bankruptcy attorneys today.
Chapter 13 bankruptcy allows you to cure a default in your car or house and keep real and personal property. To qualify for Chapter 13 bankruptcy, the debt reorganization plan, an individual must have a source of income and be able to maintain repayment obligations. Further, the debtor’s total unsecured debt and secured debt must fall below a certain dollar amount, which is adjusted periodically for inflation. Also, the debtor must submit proof that he or she filed federal and state income tax returns for the four years prior to filing bankruptcy.
Determining your eligibility for bankruptcy is a complicated process. To ensure you are on the right track, speak with our one of our attorneys today. Our lawyers will look at your situation and advise you whether bankruptcy is the best option for you. Call 256-534-3435 to schedule a free consultation. We proudly serve clients throughout Madison, Morgan, Lawrence, Limestone, Cullman and Jackson Counties. We can help.