Monthly Archives: August 2017

Eligible of bankruptcy

Am I Eligible for Chapter 7 Bankruptcy?

If you are considering Chapter 7 bankruptcy, the first thing you need to know is if you are eligible. You do this through the Chapter 7 bankruptcy means test. The test determines whether your income is low enough to file for Chapter 7. You don’t have to be very low income to take advantage of the benefits of Chapter 7 – if you make high income but also have a lot of expenses, you may still qualify. The Means Test The means test deducts specific monthly expenses from your “current monthly income,” which is determined by your average income over six months prior to filing. This brings you to your disposable income. The lower your disposable income, the more likely you will be able to file for Chapter 7. Step one is to determine whether your current monthly income is less than the median income for a household of your…
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