What type of bankruptcy do I qualify For? | Omaha Bankrutpcy Attorney | Omaha Nebraska Debt Relief Lawyer | Omaha, Bellevue, Fremont, Elkhorn, Bennington, Lincoln, Blair, Plattsmouth, Cass County, Douglas County, Lancaster County, Washington County, Sarpy County, Dodge County, Nebraska, NE, http://omahabankruptcy.com/qualify.php

If you are considering bankruptcy, you may question whether you actually qualify for 'Bankruptcy Protection'. You probably have heard others talk about 'Chapter 7' and 'Chapter 13' and about the new qualifications put in place under the bankruptcy laws passed in 2005.

At Patricia Geringer Law, we are prepared to assist qualified clients understand their options and determine which type of bankruptcy they qualify for. Contact us at our Omaha office to schedule a FREE initial consultation.

Understanding the Qualification of Each Chapter
There are two primary types of bankruptcy for comsumers under the United States bankruptcy laws provided for in two different chapters of the Bankruptcy Code:

Chapter 7 Debt Relief:This type allows a consumer to cancel their their elibible debts without entering into a payment plan with the court. It may involve selling off some of your assets. Under the current bankruptcy laws, there is a means test everyone one must consider; your income must be below an amount set by the court for you to file Chapter 7.
Chapter 13 Debt Relief: Chapter 13 allows you to partially repay your debts over the course of three to five years. Debt remaining after this time may be discharged. To qualify for this particular chapter, you need enough regular income to participate in a payment plan.

While many people are concerned about whether they will qualify for bankruptcy, almost everyone who has debts they can not repay will be able to qualify under one of these chapters.

Weighing the Adantages of Each Type of Bankruptcy
Many people may qualify for both types of consumer bankruptcy. If this applies to you, then you will need to decide not only whether to actually file bankruptcy --- but which type to file. Although it is sometimes possible to convert one type of bankruptcy to the other, once filed, it can be difficult, time consuming and expensive.

When preparing to file for bankruptcy, you should ask yourself why you need to take such action. Are you trying to avoid foreclosure? Do you wish to stop collection harassment? Are you in debt because of back taxes, illness, divorce or because your small business has failed?

Regardless of the cause, the trained staff at Patricia Geringer Law can help you review your options and select the bankruptcy chapter that provides you with the best protection.

Our goal is to make the bankruptcy process as trouble-free as possible. Contact us to discuss how we can help you.