Am I eligible to file Chapter 7 bankruptcy?
Also known as "straight" or "liquidation" bankruptcy,
Chapter 7 bankruptcy can only be filed by individuals who pass the qualifying
means test. This test was established by the United States Congress in
2005 and is designed to weed out individuals who have the financial capability
to repay their debts under the
Chapter 13 bankruptcy repayment plan option.
In order to be pass the means test, you must demonstrate that you cannot
afford to repay your debt. First, the means test compares your income
to the median income of the same household size in your county. If your
income is lower than the median income, you pass the means test. But,
we are able to qualify many of our clients whose income is higher than
the median income. There are many factors that can influence your eligibility
for Chapter 7 bankruptcy, so we encourage you to
to learn more whether you qualify and if is the right choice for you.
We have offices in cities throughout Southern California, including in
Sherman Oaks, Ontario, Los Angeles, Long Beach, and Lancaster.