When I was a kid my Grandad used to tell me that if I ate my Lima Beans (Yuck!) they would put hair on my chest! I believed that myth, after all, my Grandad was a good source of information and he could bend a spoon just by looking at it! As you get older though, you learn that if you rely on unchecked myths you can really take a beating in life.
Many of my Orlando bankruptcy clients share a common question, borne out of a pervading myth, when they come in for their free evaluation with me at our first meeting. That is "Do I Have Enough Debt to Qualify for Bankruptcy?"
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In a recent blog by Douglas Jacobs, a California bankruptcy lawyer, the question of Do I qualify to File for Bankruptcy?" is answered with a simple "Yes". I agree, just about anyone will qualify to file for some type of bankruptcy. I think the better question is "should I file for bankruptcy?" and that can only be answered after a bankruptcy lawyer evaluates your overall financial situation.
While there are restrictions on how much debt a person can be liable for and file for a Chapter 13 bankruptcy, there are no such restrictions in Chapter 7 filings. This means, if you are filing for Chapter 7, how much or how little you may owe to your creditors is not a relevant factor used in determining whether you qualify to file for Chapter 7.
As an Orlando bankruptcy lawyer, I know first hand that the Chapter 13 Trustee in Orlando looks very closely at whether Debtors exceed the debt limitations of Chapter 13 and will file a Motion to Dismiss the case if the debt limits are exceeded. Specifically, if you owe more than $360,475 in unsecured debt (think credit cards, medical bills, signature loans)t or more than $1,081,400 in secured debt (think home loans and car loans), you could face a motion to dismiss in Orlando.
While I'm not real sure of the origin of a lot of bankruptcy myths, tons of them exist and the one about having to owe a certain amount of money to qualify for a Chapter 7 bankruptcy ranks pretty high on the list of common bankruptcy myths I hear everyday as an Orlando bankruptcy lawyer. Now that you know that you probably do qualify to file for some type of bankruptcy, hopefully, when we meet, I can dispel this, and some other myths you may have heard about filing for bankruptcy.
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