Chapter 7 Attorney in Huntersville, NC: Can You File for Bankruptcy If You Are Unemployed?
One of the first things a lot of people ask their Chapter 7 Attorney in Huntersville, NC is whether or not they have to be employed in order to file bankruptcy. Fortunately, there are no requirements that state that an individual has to be employed in order to file. In fact, losing a job is one of the more common reasons why someone would contact a Chapter 7 Attorney in Huntersville, NC in order to file bankruptcy in the first place. Not having a job can still affect whether or not your bankruptcy claim is approved. However, this tends to depend on whether you file Chapter 7 or Chapter 13.
Chapter 7 bankruptcy is something you file for when you need to wipe away all of your unsecured debts. This would include any medical bills and credit cards. In order to qualify for Chapter 7 bankruptcy your income is going to be matched for want is considered to be the median income for households of similar sizes. Basically, this means that they are going to compare your household income to other families of the same size and living expenses. Your Chapter 7 Attorney from Lake Law Office PLLC Huntersville will be able to help you with the eligibility test. Being unemployed is actually going to make it a lot easier for you to qualify to file.
If you were filing Chapter 13 bankruptcy that would be a little hard to do while you are unemployed. This is because Chapter 13 bankruptcy is about putting you on a 3 to 5 year payment plan to pay back all of the debts you owe. You get put on a payment plan that is realistic and will not hurt you financially or prevent you from paying your bills. However, it is going to be hard to put you on any kind of payment plan if you do not have a job or any source of income.
Anyone can file bankruptcy as long as they have a few hundred dollars to pay all of the filing fees. There is a gap of time you must wait before you would be able to file bankruptcy a second time. However, most people hope that filing enough is enough for people to get on the right track and fix their financial problems. You can contact The Lake Law Office, PLLC for more information.