The question of whether or not you qualify for bankruptcy is rarely a simple yes or no. Many misconceptions surround the qualifying terms for bankruptcy. Many people believe that a Means Test is the determining measure in bankruptcy filing qualification. IRS information involving a debtor's living expenses, income, number of dependents, value of certain assets and other factors similar to an income tax return does not provide a simple black and white answer.
Evaluating and Developing a Full Picture of Your Financial Situation
In reality, a Means Test supplies us with valuable information, but not the full scope of whether an individual qualifies for Chapter 7 or Chapter 13 bankruptcy. It is one of several calculations that should be performed by a lawyer with due diligence. At the Law Office of Stephen Ross, our experienced Pottstown, Pennsylvania, bankruptcy attorneys look at such factors as previous bankruptcy history, past and recent use of credit, up-to-date valuations of assets, total net income and more. We could find that your actual net income is very small after accounting for all expenses and taxes.
Beyond Simple Credit Card Debt
Credit card payments, medical bills and loan payments such as mortgages, auto loans and student loans can make a significant difference in your actual discretionary income. Our knowledgeable attorneys have helped hundreds of people in the Tri-County area find true debt relief, protect their assets and start fresh with a new financial future.
The experience we provide can guide you in the direction that fits your needs and gives you the best possible options to pursue your goals. Our full-service bankruptcy law firm offers you necessary legal resources and representation for such things as mortgage defense, asset protection and the comprehensive, accurate evaluation you deserve.
Contact Our Pottstown Attorneys Today
The bottom line is that there is no black and white number that will determine if you qualify for bankruptcy or not. Our bankruptcy attorneys are ready to discuss your concerns and provide answers. Contact our Pennsylvania debt relief law firm today to learn more about what we can do to help you overcome your legal troubles at 610-323-5300 or 800-799-1948.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.