If you’re struggling to make payments on your debt, understanding your legal options is critical. However, if you’ve decided to file for bankruptcy, it’s important to understand this process isn’t as simple as you might assume. There are many qualifications you must meet before you are eligible to file. Additionally, there are bankruptcy restrictions in place that may prevent you from filing. As such, it’s in your best interest to connect with an experienced Memphis, TN consumer bankruptcy lawyer who can assist you through these matters to help you receive the relief you are seeking through this process.
Who Can File For Bankruptcy?
If you want to file for bankruptcy, it’s important to understand what requirements you must meet before you can file. Generally, you’ll need to be at least 18, as this is a requirement for anyone to file any form of court case. Additionally, you must live in Tennessee for 180 days before you will be eligible to file in the state.
It’s also important to understand that in order to file you must complete state-mandated credit counseling at an approved location. This can be completed in person, online, or over the phone. You will be provided with a certificate of completion when you finish the course, and this must be submitted when you file.
What Bankruptcy Restrictions Are There?
In addition to meeting the requirements to be able to file, you’ll need to ensure you aren’t barred from filing. Generally, the main way in which people are restricted from filing is because they filed too recently. The waiting time for filing a second time is as follows:
- Filing Chapter 7 after an initial Chapter 7 filing: Eight years in between filings
- Filing Chapter 7 after an initial Chapter 13 filing: Four years in between filings
- Filing Chapter 13 after an initial Chapter 7 filing: Six years in between filings
- Filing Chapter 13 after an initial Chapter 12 filing: Two years in between filings
Additionally, you’ll need to ensure you meet the income requirements. If you do not, you will be barred from filing. If you wish to file Chapter 7 bankruptcy, but your income is higher than the median income for Tennesee, you will be barred from filing. Similarly, if you wish to file Chapter 13, but cannot afford the monthly payments, you will be unable to file.
Bankruptcy is an incredibly complicated process with many steps and documents that must be completed and filed correctly. Additionally, determining your eligibility to file can be complicated. As such, it’s in your best interest to connect with an experienced bankruptcy attorney who can help you navigate the complexities of this matter. At the Arnold Law Firm, we understand that dealing with debt can be incredibly hard on someone, which is why our team is dedicated to helping you find relief. Connect with us today to learn how our firm can assist you through these matters.
