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Frequently Asked Questions

What are the qualifications for filing Chapter 7 bankruptcy?

Many bankruptcy debtors must pass a "means test" to qualify for Chapter 7 bankruptcy. The means test is designed to determine whether you have "the means" (the ability) to pay at least a portion of your unsecured creditors, like credit card issuers and bills from doctors. .

What is the means test for Chapter 7 bankruptcy?

The means test is used is used to determine who qualifies for Chapter 7 bankruptcy. The means test evaluates the average monthly income of the filing party for six moths prior to filing for bankruptcy to determine if it is less than, or equal to, the median income in the filing party’s state.

Who can file for Chapter 7 bankruptcy?

Individuals, legally married couples, business sole proprietors, and some partners can file Chapter 7. You should probably speak to an attorney about a partnership bankruptcy. These rules are quite complex.

Is there a minimum amount of debt requirement to file for Chapter 7 bankruptcy?

If you have disposable income, then your ability to file Chapter 7 bankruptcy depends on how much disposable income you have. If it’s enough to pay 25% of your unsecured debts over 60 months, then you’re not eligible for relief under Chapter 7.

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