Am I eligible for a Chapter 7 bankruptcy?

Question Details:

I have 320K in debt and my income is 61K; my wife's 110K. I want to file bankruptcy on my own and the debt is all in my name. Can I qualify for chapter 7? I know although my wife isn't filing that her income will still be looked at when I file. I really would like to do a Chap 7 because I will be unable to pay 320K over 5 years or anywhere close to that amount.

Asked 11/25/2009 under Bankruptcy | 306 View(s) | More Legal Topics

Are you an attorney? Sign up to answer this question.

Bankruptcy Law Answers

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney Answered 2 years ago | Contributor

In order to be eligible for a Chapter 7 filing, you need to qualify under the "means test" for such Chapter. And as you yourself noted, in a situation where only one spouse files, the income and expenses of the non-filing spouse is required so that the court, the trustee and creditors can evaluate the household's income. Consequently, you may not qualify. Without knowing your other expenses it's hard to say for certain.

Here are links that I think you may find to be of help:

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.html

http://www.uscourts.gov/rules/Revised_Rules_and_Forms/BK_Form_B22A101105.pdf