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Information on Chapter 7

Chapter 7 Means Test

Commonly known as "straight bankruptcy," Chapter 7 gives you protection against creditors, as well as relief from the burden of overwhelming debt and a financial fresh start. In order to qualify for Chapter 7, you will have to prove that your income is less than the median income of people living in your state. If your income is above this median level, you may still qualify for the process, but you will have to complete a "means test" that determines your disposable income level and whether or not you are actually experiencing financial hardship.

The means test determines this by deducting from your monthly income your expenses for rent, utilities, and items not included in the bankruptcy. This amount left over, your "disposable income," is then multiplied by 60 in order to establish how much money you would have available to pay your creditors over a five year period. If this number is over $10,000, then you will not qualify for Chapter 7 and will likely be required to file for Chapter 13. If the number is below $10,000, it is then determined if your disposable income exceeds $100 a month. If it does, and the total over a five year period equals 25% of all unsecured debt included in your bankruptcy, then you will again be required to file for Chapter 13. If your disposable income is less than $100 a month, then it is likely that you will qualify for Chapter 7 protection. Contact an attorney at the firm for assistance in determining your eligibility for Chapter 7.

Effective Legal Counsel - Proven to Work!

An attorney from Price Law Group is available to provide you with help in your Chapter 7 case. The firm possesses over 20 years of experience in protecting clients from financial crisis, and has helped over 100,000 individuals. They will take the steps necessary to maximize your chances of a successful Chapter 7 filing, giving you a second chance at sustained financial health.

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