How do I know if I qualify to file a Chapter 7?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

How do I know if I qualify to file a Chapter 7?

I am recently married and currently we make roughly $75,000-$80,000, have $55,000 in credit card debt and another $35,000 in student loans (although I know that cannot be resolved). We have no assets but we both have vehicles that we owe about $10,000 and plan to continue to pay in full. We are not behind in any payments we are just struggling to make the minimum payments each month. Our monthly rent $825; car payments $600 total; insurance is $200; cable and internet $150; electric $150; cell phones $175; student loan payments $200; credit card minimum payments $1200.

Asked on November 10, 2014 under Bankruptcy Law, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you want to try and file for yourself or, at least, educate yourself before meeting with an attorney, here is a site that you will find to be of help: http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx

It will list eligibility requirements and the steps for filing, etc.

Greg Wiley / Law Office of Greg Wiley PLLC

Answered 9 years ago | Contributor

You must perform what is known as a "Means Test."  If you do not pass the means test, a presumption of abuse occurs and it is unlikley you will be able to file Chapter 7 without some factor assisting you in overcoming that presumption of abuse.

This is something you will need to discuss with a qualified bankruptcy attorney.

 

 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption