Individual Eligibility for Chapter 7 Bankruptcy
Many Americans have significant debt obligations. However, when these obligations become too difficult to manage, it may be necessary to pursue bankruptcy protection. There are several different forms of bankruptcy, each with their own eligibility criteria and benefits. Chapter 7 bankruptcy, under which some of an individual’s assets may be liquidated in order to pay back creditors, is one of the types of bankruptcy most commonly pursued by individuals.
If you or someone you know has large outstanding financial obligations which you cannot repay, it may be in your best interests to pursue bankruptcy protection. Contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A., at 561-353-2800 today to learn more about the possible advantages of Chapter 7 bankruptcy
Eligibility Requirements for Chapter 7 Bankruptcy
In order to qualify for Chapter 7 bankruptcy, an individual must first meet the following criteria for eligibility:
- Must pass the means test, comparing income to median state income and then calculating disposable income.
- Must not have failed to appear in court for another bankruptcy filing during the previous 180 days.
- Must not have voluntarily dismissed a previous filing within 180 days due to creditors seeking to repossess items on which they hold liens.
- Must have previously received debt counseling from an accredited institution within 180 days prior to filing.
Individuals meeting all of these eligibility requirements may be able to successfully apply for Chapter 7 bankruptcy protection.
Contact Us
If you or someone you know has a significant debt load, you should consider the benefits of Chapter 7 bankruptcy. Contact the Boca Raton bankruptcy attorneys of Eric N. Klein & Associates, P.A., at 561-353-2800 today to discuss your situation with an experienced legal professional.
