Q: How low an income do you have to have to file for Chapter 7?
A: This is a question best answered by an attorney in a personal consultation. Most bankruptcy attorneys will give you a free initial consultation.
I'm assuming that you are talking about "qualifying" under the "Means Test". The amount will be dependent on the county where you live and the number of people in your household and takes into account your entire household income. With the number of factors involved, this can't just be answered with a single number that covers everyone.
In many situations even if you have more household income than the allowed amount (the "median" income) you might be able to file chapter 7 without fear of a dismissal. These factors can also be discussed with an experienced bankruptcy attorney.
A: There are a few different options when filing for a personal bankruptcy. As Mr. Holland states you should sit down with an experienced bankruptcy attorney and go over your options in detail. It's impossible to give you an help with just a simple question/answer.
A: There are many variables in determining eligibility to file Chapter 7. I urge you to seek a consultation with a qualified bankruptcy attorney in your area. The analysis is critical in order for you to understand your options.
A: That is a state county question. Seek out advice from local state counsel
A: Whether your income matters at all depends on whether the majority of your debt is consumer or nonconsumer. If the majority of your debt is consumer, then the next step is to determine your household size and the type (W-2 employment, self-employment, Social Security, etc.) and amount of income that you (and your spouse, if married; and domestic partner, if registered) have, plus rental income, etc. The analysis can be quite extensive depending on your facts and circumstances. Therefore, determining eligibility for chapter 7 requires that you speak with an experienced bankruptcy attorney.
A: There is a means test determine whether you can file a 7. It’s deprnds on income, size of household, number of dependents, etc.
A: Generally, it depends on your household size. However, the Means Test has many factors that may qualify a high income earner for a chapter 7 bankruptcy filing. Although the Means Test may appear to be a fill in the blank form, there is much law behind it. A thorough analysis of your financial situation is required to determine if you and your family would qualify for a chapter 7 bankruptcy case. I suggest contacting a bankruptcy attorney here on Justia to schedule an office appointment.
I hope this answer provided to be helpful.
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