Michael D. Hart, P.C.

Helping You Move Forward Free Of Financial Problems
  
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Who can get a Chapter 7 bankruptcy?

| Aug 4, 2020 | Chapter 7 Bankruptcy |

You’ve worked hard your entire life, but now you need help. You’ve lost your job, and you had only a small amount of savings to fall back on. The economy isn’t doing well, so finding a new job has been impossible. You’re several years away from retirement, and you are struggling with your finances.

Today, you may want to start looking into bankruptcy. Bankruptcy is one possible way to resolve your debts and to help you get back on your feet while you’re looking for work. It can stop harassing phone calls and messages from creditors. It can help you protect your home and prevent a foreclosure, as well.

Can anyone get a Chapter 7 bankruptcy?

With a Chapter 7 bankruptcy, you will need to qualify. With this form of bankruptcy, you will need to show that your current monthly income is below the median income in the state or that you can take a means test if it’s over the state median. If you have an income that is too high, then the application could be considered “abusive,” and you may not be able to move forward.

If you are able to show that you can pass the means test or have a low income, then you may be able to move ahead with the bankruptcy and work towards the resolution you need.

A Chapter 7 bankruptcy might not be the right choice for everyone, but it could be a good solution for you. Your attorney can give you more information on a Chapter 7 bankruptcy and when it may be a good time to apply.