How To File Bankruptcy | Types Of Bankruptcy, Facts, Questions, Info
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With the stress people are under when looking into filing for bankruptcy and all the different types of bankruptcy and the how to file bankruptcy questions people can ask, the whole profess really can seem like one big head ache, we hope this site can help ease the process for you.
Who Can File for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is so powerful that there are limits on who may file. The eligibility requirements were established in 2005 when a series of new bankruptcy laws went into effect.
Can you file Chapter 7? That depends on many factors, including whether you can pass the Means Test.
In a Chapter 7 case, you are not required to pay back the eligible debts included in your filing that are discharged by the court. To keep people from abusing this power, anyone wanting to file Chapter 7 must first pass the Means Test. Fortunately, you won’t need to study for the means test, and your lawyer may even help you.
The Means Test isn’t an exam. It is more of a measure of your income and debt. In most cases people pass and are able to file if their income is below the median level for your state.
The median income varies based on where you live and the size of your family, so the standards vary. In some circumstances, you may still be able to file if your income is above this level, but you may want to discuss this with a Chapter 7 lawyer if this is the case.
Remember that the Means Test isn’t meant to prevent those struggling with debt from filing for Chapter 7. The main intent is to keep people from abusing the system. In fact, even with the Means Test in place Chapter 7 is still overwhelmingly the most common type of bankruptcy. More than 70 percent of all personal filings are Chapter 7.
Do you qualify for Chapter 7 and is it right for you? Get the answers to these questions before you fully commit to filing. A bankruptcy attorney may answer your questions and provide specific information about your case. Then, make an informed decision about your future.
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