What are the Chapter 7 Bankruptcy Rules?

Chapter 7 Bankruptcy Rules are an important part of the bankruptcy process. They help ensure that individuals filing for bankruptcy understand their rights and obligations before, during, and after the process. Knowing these rules is essential for anyone considering filing for Chapter 7 Bankruptcy.

The first rule states that a debtor must qualify for relief under Chapter 7 of the United States Bankruptcy Code. To do this, one must pass a “means test” which compares the individual’s income to median income levels in their state of residence. If they pass the means test, they may be approved to file Chapter 7 bankruptcy.

Next, all debtors must complete mandatory credit counseling prior to filing for bankruptcy protection with an approved agency as designated by the U.S Trustee Program or Judicial Conference of the United States.

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