Deciding Between Chapter 7 and Chapter 13 Bankruptcy in Delaware

“How do I tell what form of bankruptcy I qualify for?”

If you find yourself about to file for bankruptcy, you might be asking yourself that very common question. Luckily, in order to determine whether you are qualified for Chapter 7 or Chapter 13, you can take the bankruptcy means test.

The differences between these two kinds of bankruptcy are by no means trivial. You need to be sure that the bankruptcy option you select is right for you. The bankruptcy means test, along with a variety of other factors, will help you determine which debt relief option is best suited for you.

Perhaps the only thing more difficult than figuring out which kind of bankruptcy is right for you is going through the whole process on your own. Thankfully, you can leverage the services of a bankruptcy relief attorney who will support you during a challenging and complex process.

With over 30 years of experience in helping those facing financial hardships in Delaware, Rahaim & Saints is a law firm that can help you determine which bankruptcy option is right for you. Our attorneys will also answer any questions you might have on the subject.

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The Delaware Bankruptcy Means Test

The bankruptcy means test can be used to determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy. The test is administered on a federal level, and the state of Delaware uses it as the template for determining whether residents are eligible for each kind of bankruptcy.

The test stems from a formula that is designed to make sure individuals with a high disposable income can’t file for Chapter 7 bankruptcy but instead can repay debts via Chapter 13. However, Delaware residents might actually qualify for Chapter 7 if they have high expenses, like mortgages, car payments and other similar loans.

Either way, the subject can be complicated, and skilled lawyers who know the ins and outs of the law can help you.

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Rahaim & Saints: Helping You Get Your Finances Back in Order

For more than three decades, the attorneys at Rahaim & Saints have worked hard to help countless clients get their financial affairs back in order. Our firm prides itself on delivering personalized service to our clients, so you will feel comfortable and satisfied by the care your case is handled with.

If you’re facing financial hardships, get in touch with our lawyers during a free consultation to decide whether our services are right for you. Contact us today at 302-892-9200 (our Wilmington office) or 302-832-1800 (our Newark office). You can also email us.