Silverton, CO Bankruptcy Law Firms & Lawyers

The bankruptcy limits are based on the median income levels in your area. There are a number of factors that go into determining if someone is eligible to file Chapter 7. Gather your income documentation and your expenses - not the outstanding bills you are looking to discharge, but your fixed expenses - gas and electric, auto insurance, phone, cable, house payment or rent, medical insurance, prescription costs, groceries, etc. Talk with a bankruptcy attorney and find out if you are eligible.

When you reaffirm a motor vehicle loan in bankruptcy it is as if you had not filed bankruptcy on that loan. You would continue to make your monthly payments. Your lender cannot accelerate or call the full balance of the loan. You can continue to pay on the original terms of the loan.

For bankruptcy, a household is an economic unit. So if you're paying your own expenses and not contributing to their expenses, your economic unit is just one.