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Do I qualify for a Chapter 7 Bankruptcy?
There are three critical elements that we look at when doing a preliminary examination of individual's qualifications for a Chapter 7 bankruptcy. First, an individual is ineligible for a Chapter 7 Bankruptcy if they have received a discharge within the last eight years. If you have filed for bankruptcy and received a discharge within the last 8 years, you may need to file a Chapter 13 bankruptcy. Second, your gross household income cannot be too high. The state does not want to grant a full discharge to individuals that they deem may have the ability to pay back some or all of their debts. Generally, if you are single with no dependents and your income is less than $50,000, then you will qualify for a Chapter 7 bankruptcy. If you are married or have dependants, then your income should be $70,000 or less. Even if you are in excess of these numbers, you still may qualify. Give us a call to set up an appointment to discuss your options. Finally, we look at the individual's assets. Generally, if you have more substantial assets that are unencumbered by loans, then the state may decide to sell some of those assets to pay off a portion of your creditors. |
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