Keyword Analysis & Research: who qualifies for chapter 7 bankruptcy


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Frequently Asked Questions

How does the court determine if you qualify 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.

What are the requirements for filing Chapter 7 bankruptcy?

To qualify for Chapter 7 bankruptcy, your disposable income must be low enough to pass the means test. Please answer a few questions to help us match you with attorneys in your area. "In Nolo you can trust." We match 50,000 consumers with lawyers every month. Our service is 100% free of charge.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

In contrast to a Chapter 7 bankruptcy, a Chapter 13 requires you to repay a portion, or all of your debts back in order to successfully complete your case and receive a full discharge. You will need to show that you receive enough income to keep up with your payments for the duration of your Chapter 13 case.

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.


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