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Can I File Chapter 7 Bankruptcy?

by | Aug 15, 2019 | Bankruptcy Articles

Individuals must qualify in order to be able to benefit from a Chapter 7 bankruptcy filing. Because a great portion of an individual’s debt is completely eliminated, the law strictly regulates who can qualify to file for a Chapter 7 bankruptcy.

Consequently, individuals are required to take a “means test” in order to determine whether they qualify for a Chapter 7 bankruptcy.

This means test involves a review of your income and all of your assets and liabilities, including your bank accounts, properties and other financial information. The means test first compares your income to the median income in your state. If your income is lower than the median income in your state, you can file for Chapter 7 bankruptcy. However, if your income is greater than the median income in your state, other calculations regarding your income and allowable expenses are required to determine whether or not you can file for Chapter 7 bankruptcy.

A bankruptcy lawyer can help you figure out whether you will qualify for a Chapter 7 bankruptcy, even if you do not satisfy the means test. It is critical that you proceed carefully and correctly if you are thinking about filing for bankruptcy. Some individuals are denied the opportunity of filing a Chapter 7 bankruptcy because they did not fully understand how to fill out the form for the means test. At Hallstrom Klein & Ward LLP, a qualified bankruptcy attorney will help you figure out if you qualify for Chapter 7 bankruptcy, and will file all the necessary paperwork with the court. The process is very technical and complex, so it is important to seek legal assistance for your bankruptcy filing. Contact us by calling (949) 450-8500 today for your FREE consultation.

Paul’s ability to (a) re-think his strategies in the face of the actions of the opposition and some of the earlier decisions of the bankruptcy court together with (b) Paul’s work ethic led to some great wins which changed my life back for the better.

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