Can I declare bankruptcy? You have probably asked yourself that question a thousand times. The simple answer is it all depends on whether you meet some basic criteria for filing a bankruptcy petition. This article will explore those initial requirements.
First, you cannot file a bankruptcy petition if you have had a previous bankruptcy discharged in less than seven years. Secondly, you cannot file a bankruptcy petition if within the past 180 days you had a bankruptcy case dismissed because you failed to comply with a provision of the Bankruptcy Code or some other procedure or ruling of the Court. You also cannot file if within the past 180 days you voluntarily dismissed your case after a creditor filed a motion for relief from the automatic stay.
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If none of these things apply to you, then you can file a Chapter 7 petition for relief. However, in order to file a Chapter 13 or what is referred to as a "wage earner's" proceeding, there are some additional criteria you must meet. First and foremost you most be a wage earner with a "regular income" and you cannot be a stockbroker or a commodity broker. Next, you have to have less than $250,000.00 in unsecured debts and less than $750,000.00 in secured debt.
As you can see, people who live in high property value states like California and parts of Florida where the average price of a home exceeds a million dollars, might have a difficult time qualifying for a Chapter 13 petition.
These are the basic considerations you must undertake to determine if you are eligible to file for bankruptcy protection. Because your individual situation might be different from the assumptions made in this article which is intended for general informational purposes, you should always check with a competent attorney before proceeding in any legal matter
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