Chapter 7 Eligibility
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Chapter 7 is the most common form of bankruptcy filed by individuals in the U.S. Known as liquidation, ch 7 is designed to liquidate any property you own that is not exempt, and sell it in order to pay off your creditors. Any debts that are not paid off are then discharged and you are no longer responsible for them. The changes in the bankruptcy laws that occurred in 2005 have changed who is eligible for filing ch 7 bankruptcy.
Everyone that wishes to file bankruptcy must complete the means test in order to compare your income to the average income in your area for your family size. If your income is below the state median or you have less than $6000 in disposable income you are eligible for chapter 7. If you have more than $10,000 in disposable income then you are not eligible, and if you have between $6000 and $10,000, you are eligible if you can only pay back less than 25% of your unsecured debts.
Credit Counseling
Anyone that wants to be eligible to file for ch 7 bankruptcy protection must complete a credit counseling course with an approved agency as designated by the bankruptcy courts. The course must be completed within the 180 days before you file your bankruptcy petition.
Financial Management Course
After filing your bankruptcy forms you will have to complete another financial management course in order to be eligible to file and have your bankruptcy discharged.
If you meet all of the above requirements you can file chapter 7 bankruptcy.
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