The Bankruptcy Means Test: Are You Eligible for Chapter 7 Bankruptcy?

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In order to file for Chapter 7 bankruptcy, you must meet the eligibility requirements. Eligibility is determined by the administration of a "means test."

The "means test" compares your family size and income over the last six months to the median income of a similarly sized family in your state. If you earn less than the median income, you are generally eligible to file for Chapter 7 bankruptcy. However, if you earn more than the median income and you have a certain amount of disposable income per month with which to pay your debts, you cannot file for Chapter 7 bankruptcy.

Typically, if you can afford $6,000 over five years or $100 per month toward your debt, your disposable income is considered adequate enough to prohibit you from filing Chapter 7 bankruptcy.

If you do not meet the eligibility requirements to file for Chapter 7, you can still file for bankruptcy under Chapter 13. A knowledgeable bankruptcy attorney can review your current income and debt levels and advise you of the type of bankruptcy best suited for your circumstances.

For more information or to find out if you meet the eligibility requirements for a Chapter 7 bankruptcy, contact Cincinnati bankruptcy attorney Kathleen Mezher now.

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