You may not qualify to file for Chapter 7. However, Chapter 13 is another bankruptcy option.

The bankruptcy laws for consumer cases require a number of “tests” to determine the type of bankruptcy to be filed.  In addition, a few other factors may also determine the type of bankruptcy to be filed.

1.  Have you filed a prior bankruptcy in the last 8 years?  If so, you may need to file for Chapter 13.

2.  Do you make too much money to file a Chapter 7?  (This is known as failing the means test.)  If so, you may need to file for Chapter 13.

3.  Do you have too many valuables including real estate, vehicles, accounts, cash, etc?  If so, you may fail the Chapter 7 liquidation test and you will need to file for Chapter 13.

A Chapter 13 bankruptcy is a repayment plan.  The good news is that credit-card interest stop running while you repay a portion (or all) of your debts.  Call me if you have any questions:  443-494-2703.  Christopher McGrady, Esq.