Eligibility and Conditions for Filing Bankruptcy

The chance to start fresh is not available everywhere, but you are lucky to have this chance when you have loads of debts on your shoulders. Bankruptcy wipes out almost all your debts and lends you a hand in getting back on our feet. But, before proceeding further, you must know whether you can file bankruptcy or not.

The fundamental rule of bankruptcy that almost every person or business can utilize Bankruptcy Law. The specific conditions that one needs to fulfill are as follows.

• The first and most prominent thing to file bankruptcy is that you should be a permanent resident or domicile of the United States.
• You can also apply for it if your business is located in the U.S.
• The one who is filing for bankruptcy must pursue a complete course in financial counseling. Some of the filers get a pass on fulfilling this requirement.
• When you are going to file bankruptcy, it is not a prerequisite for you to be a U.S. citizen or have insolvency.
• The filing of bankruptcy does not assure that your debts will wipe out automatically because that is in court or creditors’ hands.
• There is not any specific amount of debt for filing bankruptcy. Even if you do not owe many debts, then also you can apply for it.

Everyone’s financial situation is different. Therefore, the amount of debt cannot be a criterion of eligibility for filing bankruptcy. Consulting a Dallas bankruptcy attorney will clear up any confusion as to whether or not you can file bankruptcy.