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Do you qualify for Chapter 7 bankruptcy? This type of bankruptcy is the most common form of personal bankruptcy. It's also very effective at clearing debt tied to things like credit cards and medical bills. In fact, it's so effective that there are restrictions in place on who can file.
These restrictions take the form of the Chapter 7 means test. Mostly, it's designed to keep people from abusing the system. Still, you'll need to qualify before you can start your case.
Here, bankruptcy attorney Kevin Chern talks about the means test, what is it and how to find out if you qualify to file.
KEVIN CHERN, BANKRUPTCY ATTORNEY: Well, the first question I'm going to answer for you is "What is the means test?"
The means test is part of the bankruptcy law that was passed in 2005, and it's pretty simple, all in all.
It says that if you make it less than a certain amount of money you can qualify for chapter 7 without much further analysis. If you make over certain amount of money, which is the median income for your geographic area and household size, you have to go through to some additional analysis to determine whether or not you file for chapter 7.
A great way to make that analysis is to talk directly with the bankruptcy attorney, but most people overwhelmingly qualify under the means test.
So fill out the form right now or call the toll free number and a bankruptcy attorney may be able to help you analyze whether or not you qualify for chapter 7.
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