QUESTION
Am I eligible for filing chapter 7 bankruptcy?
Asked on Jun 19th, 2013 on Bankruptcy - Florida
More details to this question:
I have calculated my 6 months average income to be $11,465 and I have a total $73,000 in debt to discharge. None of it is taxes or student loans.
11 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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If you're single, making more than $11,000/month, then bankruptcy is probably not right for you with that level of debt. You might consider settlement negotiation.
Answered on Jun 26th, 2013 at 7:55 AM
If you are averaging an income of $11,465 per month you will definitely not be eligible to file Chapter 7. If $11,465 is the total amount of income you have received in the last 6 months, then you will probably be eligible for Chapter 7.
Answered on Jun 20th, 2013 at 1:34 PM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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From what you have presented. Yes, it appears you are easily eligible for a Chapter 7. There are other requirements, but you have passed this one.
Answered on Jun 20th, 2013 at 12:26 PM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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A bankruptcy attorney needs to run a "means test" to see if u qualify.
Answered on Jun 20th, 2013 at 12:09 PM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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If your 6 month total is $11,000, it should be no problem. If the monthly average is $11,000, there will be an eligibility issue based on the means test, although you could still do a chapter 13.
Answered on Jun 20th, 2013 at 12:03 PM
Deborah F. Bowinski
Without actually seeing the income figures and your calculations it is impossible to know for certain, but if that is your total gross income for the last six months then you are most likely eligible for chapter 7 relief. That is assuming you have not received a discharge in a prior chapter 7 case filed within the last 8 years.
Answered on Jun 20th, 2013 at 10:19 AM
Can't say with just this amount of information, but because you say your 6 month average income is $11,465, it sounds like that amount is your monthly income. That is what an average is, suggesting that in 6 months you earned $68.790. If that is correct, you ought to be meeting with the best bankruptcy attorney you can find in your community. If $11,465 is the total amount you earned, then your average income is just over $1910. In bankruptcy, qualifying to file is less about what your average income is & more about what amount you have left over after paying for necessary living expenses. if you are not willing to consult a bankruptcy attorney now, sign up for pre-bankruptcy credit counseling. You have to complete this class to be eligible to file bankruptcy.
Answered on Jun 20th, 2013 at 10:19 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You make around $23,000 per year. Your income is below the median income figure for Missouri - $41,092 - to file a chapter 7.
Answered on Jun 20th, 2013 at 10:03 AM
Bankruptcy Attorney serving Henderson, NV
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Jeffrey A. Cogan Chartered, a PLLC
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I am unsure if your average per month is $11,465 or that is the total. Presuming it is per month, you probably would have to be in a Chapter 13 repayment plan. There are things that a good attorney can do to reduce that income calculation and if you are a family of four or more, there is a chance to be in a Chapter 7. Finally, if you do make that much per month, it would be better to hire a lawyer and negotiate that debt down. Depending on who is collecting and what it is for?
Answered on Jun 20th, 2013 at 9:41 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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That depends on the size of your household, and the State (and county) that you live in. If you are single, you would not qualify for C7 but you would for C13.
Answered on Jun 20th, 2013 at 9:31 AM
Sanford M. Martin
Based on your stated income, you can file for Chapter 7. You should also calculate the value of personal property. As part of your petition, you will fill out a schedule (Means Test) which requires that your income is less than the mean income for your state but your stated income will satisfy any state.
Answered on Jun 20th, 2013 at 9:30 AM