When individuals are facing a severe financial crisis they may consider filing for bankruptcy as a way to clear or more easily manage their debt. In the past, bankruptcy was utilized by many to achieve a fresh financial start.
Chapter 7 and Chapter 13 were the two bankruptcy chapters under which most individuals filed. A few years ago, major changes were made to the bankruptcy laws. Before filing for bankruptcy, individuals must meet certain eligibility requirements under these new laws. If bankruptcy eligibility requirements are met, bankruptcy proceedings may continue. These changes have resulted in a great deal of confusion surrounding the bankruptcy process. Because determining which type of bankruptcy you qualify for has gotten more difficult, it can be helpful to discuss your situation with an experienced attorney.
Consulting with Lozano Law Offices can help individuals or businesses get more information about bankruptcy laws and determine their eligibility to file for bankruptcy. Attorney Lozano can provide assistance to those considering filing for bankruptcy and can help individuals and businesses ensure they meet all bankruptcy qualifications and determine your eligibility requirements to file bankruptcy.
Determining eligibility for bankruptcy is a sophisticated and complicated process. Credit Counseling or Debt Counseling is now required before an individual can file for bankruptcy. Those looking to file bankruptcy must obtain credit counseling education at a qualified credit counseling agency. Furthermore, those looking to file bankruptcy may also have to complete additional financial education or certification before their debts can be discharged.
Bankruptcy applicants must also pass a Means Test. This test is basically a series of financial tests to determine if the individual qualifies for bankruptcy. The test is used to identify those individuals that have the financial means to make some payments to their creditors.
To ensure you are on the right track, contact Attorney Crsipin Lozano about your circumstances. Attorney Crispin Lozano will look at your situation from all sides and will advise you whether bankruptcy is the best way for you. Call (510) 538-7188, or contact us online to schedule a free initial consultation.