Chapter 7 Bankruptcy Requirements
Are you Eligible to File Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can erase your unsecured debts - if you qualify. In order to file for Chapter 7 bankruptcy protection, you will need to meet certain requirements laid out by the bankruptcy courts: Means test, credit counseling and debtor education. More information on each of these requirements is listed below.
Chapter 7 Means Test This test, created by the government in 2005, determines whether you’ll be eligible to file for Chapter 7 bankruptcy protection based on debts, income, assets, and state exemptions.
State Median Incomes In most states, the Chapter 7 Means Test is based on the median income for that state. If your annual income is at or below the median for your state, then you are most likely eligible to file Chapter 7 bankruptcy. While other factors may also be in play, you can use the median income as a quick version of the means test.
Credit Counseling Q&A By law, everyone must receive credit counseling briefing before they file Chapter 7 bankruptcy. Find out how you can complete the requirement online or over the phone.
Debtor Education Course By law, everyone must also complete a debtor education course before they receive their Chapter 7 debt discharge. Find out how you can complete this requirement online or over the phone.
Chapter 7 bankruptcy is a real debt solution for many people; however, not everyone is allowed to file for it. If you have questions about your Chapter 7 eligibility or you’re considering filing Chapter 13 bankruptcy, talk to a bankruptcy attorney today.
We can easily connect you to a local bankruptcy lawyer. Simply fill out the below form or call us directly at 877-349-1309 and we’ll connect you with a bankruptcy lawyer in your area.
