Detroit Ruled Eligible for Bankruptcy, Are You ?

Posted on December 4, 2013. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney | Tags: , |

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With this ruling from a bankruptcy judge, the city of Detroit, Michigan has been determined to be eligible for bankruptcy.

As a consumer or small business owner, it is not likely that you will need a ruling from a court to determine if you qualify for bankruptcy. All that is necessary is that you meet with a qualified, competent bankruptcy attorney in your area and after obtaining information from you, that attorney can usually tell you fairly quickly if you are eligible to file bankruptcy. Once you do file, someone could challenge your eligibility to file, but that rarely happens. One of the big factors in determining whether you qualify for bankruptcy at all, or even the type, Chapter 7 or 13, is the Means Test. The means test is a complicated formula that is in the law and your attorney can explain to you. Most attorneys will meet with you for a brief, no fee consultation to see if bankruptcy is something that can help and explain the options to you.

photo credit: paul bica via photopin cc

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