QUESTION
How do I know if I am eligible to file Chapter 7 Bankruptcy?
Asked on Sep 27th, 2012 on Bankruptcy - South Carolina
More details to this question:
We are under foreclosure, have had 2 cars reposesed, credit card debt and medical bills. The total is around $225,000.
16 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
Meet with a lawyer to determine your eligibility income.
Answered on Oct 08th, 2012 at 11:48 AM
Bankruptcy Attorney serving Bellevue, WA
at
Wild Sky Law Group, PLLC
Update Your Profile
Eligibility for a Chapter 7 bankruptcy is generally based on your income, not the amount of your debts. A qualified bankruptcy lawyer can help you figure out which is right for you.
Answered on Oct 04th, 2012 at 10:03 PM
There are a number of things to be considered regarding your ability to pay back creditors (means testing), your disposable income (Schedule J) and the existence of non-exempt assets (Schedule C).
Answered on Sep 29th, 2012 at 1:25 AM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
Bankruptcy is a Constitution right. The question is not can you file, but should you file and, if so, when. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Sep 29th, 2012 at 1:24 AM
You need to sit down with an experienced bankruptcy attorney and go through what is called the "means test." That will determine whether you are eligible for Chapter 7. Then the attorney can help you decide if Chapter 7 is your best course.
Answered on Sep 29th, 2012 at 1:08 AM
Family Attorney serving Vancouver, WA
at
Law Office of Kirsten A. Samwel, PLLC
Update Your Profile
There is more to it than that. I would need to know your income, whether or not you have filed bankruptcy before, if so, when, and various other things before I could answer that question with any sort of definitive answer.
Answered on Sep 29th, 2012 at 1:01 AM
Bankruptcy Attorney serving Overland Park, KS
at
The Smalley Law Firm, LLC
Update Your Profile
I suggest that you consult with an attorney to discuss the specific details of your financial situation. Most people are eligible to file Chapter 7.
Answered on Sep 29th, 2012 at 12:49 AM
Litigation Attorney serving San Antonio, TX
at
Graves Law Firm
Update Your Profile
It depends on your income and the number of members of your household. In Texas, for a family of four, an income of less than about $65,000 will make you eligible. You can find a "means test" calculator online by Googling the term, or you can call my office and we'll help you.
Answered on Sep 27th, 2012 at 5:16 PM
Criminal Law Attorney serving Fremont, CA
at
Steven J. Alpers, A Professional Corporation
Update Your Profile
Ir depends mor e on your annual income and expenses.
Answered on Sep 27th, 2012 at 5:14 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
You will have to provide additional information, the real question is you income and ability to make monthly payments, if you are they will set you on a budget using a Chapter 13. You need to speak with a bankruptcy attorney.
Answered on Sep 27th, 2012 at 2:13 PM
Bankruptcy & Debt Attorney serving Syracuse, NY
at
Theodore Lyons Araujo
Update Your Profile
You qualify when you pass three tests. Income minus allowable expenses. Liquidation (unprotected equity?) and the Means test which measures the prior six months of income (annualized) and compares that to the median income based on your family size at the time you file. Almost Anyone can file a 7. The test is what will happen IF you file.
Answered on Sep 27th, 2012 at 2:13 PM
There are several criteria that must be met in order to file for Chapter 7 relief. You cannot have received a bankruptcy discharge in the last 8 years and you must meet certain income requirements. Contact a bankruptcy attorney to find out if you meet them.
Answered on Sep 27th, 2012 at 2:01 PM
Daniel James Wilson
There are two primary requirements for Ch 7 eligibility: You have not filed a Ch 7 and received a discharge within eight years, calculated from filing date; Your household income is below the median income. The second requirement is called the Means Test and gets very complicated.
Answered on Sep 27th, 2012 at 1:52 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
It depends on your income. It is based on the median income for your county based upon household members. You can go to the US Trustee's website to see the figures.
Answered on Sep 27th, 2012 at 1:51 PM
Criminal Defense Attorney serving Deltona, FL
at
R. Jason de Groot, P.A.
Update Your Profile
Do an internet search for chapter 7 means test. Take the test to see if you can qualify to file a chapter 7, or if you have to file a chapter 13.
Answered on Sep 27th, 2012 at 1:49 PM
Bankruptcy Attorney serving Myrtle Beach, SC
at
Law Office of Margaret L. Evans, PC
Update Your Profile
Question: How do I know if I am eligible to file Chapter 7 Bankruptcy?* - by completing the MEANS TEST ....... we look back at the last immediate 6 months of prior income and other allowable expenses to see if you qualify.* Question Detail: We are under foreclosure, have had 2 cars reposesed, credit card debt and medical bills. The total is around $225,000. *- you MAY be able to save the house (if you want to) by filing a Chapter 13 and paying the arrearage through the plan, but ONLY if you have enough disposable monthly income to support a confirmable plan. *
Answered on Sep 27th, 2012 at 1:47 PM