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What factors does the bankruptcy court look at to determine what
type of bankruptcy I can file? Hi. My name is Eric Engel. I'm a
bankruptcy attorney with the Engel Law Group in Seattle,
Washington. There are 8 predominant factors that we look
at to determine what type of bankruptcy petition would be
best for you. Those factors include: your income level, the
type of assets you have (whether you own a home or a car),
whether you're current and making your monthly payments (in
other words are you behind, do you owe money but maybe want to
keep that asset), what type of debt you have (whether that's a
mortgage or a credit card, an unsecured credit card), the
affordability of being able to repay those credit cards or that
mortgage (whether or not it's actually financially feasible
for you to do that), whether there are any second mortgages,
what the value of your property is, and finally if there are any
limitations. There are statutory limitations to how much debt you
can discharge through certain types of bankruptcy. Why am I
telling you this? I'm telling you this because you're unsure
of what type of bankruptcy you should file as you prepare to
file for bankruptcy and get a fresh start in your life. I deal
with these questions every day. Give us a call at 206-625-9800.
Thanks for watching my video and have a nice day!