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Who Qualifies for Chapter 7 Bankruptcy?

The qualifying conditions for Chapter 7 bankruptcy are not impossible to meet, but you must be able to show you are facing the financial hardships they cover before being granted this relief.

At The Law Office of Michael A. Kaufman, P.A., we have an experienced bankruptcy attorney in Loxahatchee, FL, who will provide here the information you need to see if you qualify for Chapter 7. This type of bankruptcy wipes out most unsecured debts and will give you a fresh start, but there are eligibility requirements that must be met.

When you’ve hired a bankruptcy attorney, the first thing he or she will likely address is previous bankruptcies. If you received a Chapter 7 discharge in the past, you must wait at least eight years from the earlier filing date before re-applying again. If you received a Chapter 13 discharge, you must wait six years. You must also complete a credit counseling course six months before you file for Chapter 7.

Also, anyone seeking the assistance of a bankruptcy attorney to file for Chapter 7 protection must pass a means test by showing that you have little or no disposable income. This test takes your average monthly income for the six months before your bankruptcy and compares it to the median income from a similar household in your state. If your income is below the median, you automatically qualify.