Can I File Chapter 7?

Are you a person who is having sleepless nights due to your debts? Then Chapter 7 bankruptcy is for people like you. If your person who gets frequent calls from your creditors and are unable to lead a normal life than Chapter 7 might give you the relief you need.

To find out if you qualify for Chapter 7 and to get answers to all of your other bankruptcy questions specific to your financial situation, fill out the form below or call our toll-free number for a Free No Obligation Bankruptcy Case Evaluation from a Local Bankruptcy Attorney.

How Do I Know If I Qualify To File Chapter 7 Bankruptcy?

Qualifying to file bankruptcy seems to be a major concern for many people. The truth is if you’re having trouble paying your bills, you probably qualify to file for relief under the Bankruptcy Code. The Means Test was one of the biggest changes in the BAPCPA legislation in 2005. It was supposed to determine whether a debtor can file chapter 7 bankruptcy or not. The means test scrutinizes debtors having income more than the median income in their state. If a debtor earns more than the median income for their state, then their reasonable and necessary expenses (using IRS collection guidelines) are considered. If, after the analysis under the means test, debtors can pay more than $100 of disposable earnings, the debtors are presumed to be illegible for discharge of their debts under Chapter 7 and may be forced into a five-year payment arrangement of their disposable income under Chapter 13 of the Bankruptcy Code. Current monthly income is figured by adding all of the income received in the six-month period prior to the month that a bankruptcy petition is filed, and dividing by 6.

You should keep in mind that filing for bankruptcy is a legal process. For this reason, and for your own financial well-being, each decision that you make about how to file bankruptcy should be well informed choices. That is to say, is this process something you want to take up on your own, or do you want a bankruptcy lawyer to help you? It is possible to file for bankruptcy on your own, however, it is a process that would take a lot of patience and diligence.