"How Much Do You Have To Be In Debt To File Chapter 7"
If you are feeling overwhelmed by your financial situation and have mounting debt, Chapter 7 bankruptcy may be an option that could help you get a fresh start. But how much debt must you have to file for Chapter 7?
The amount of debt required to qualify for Chapter 7 differs from state to state and is based on the “median income” in the state. The median income is determined by comparing incomes of all households in the given area and finding the middle number. Generally speaking, if your annual household income falls below this median, then you can generally qualify for Chapter 7. However, there are other criteria such as types of debt owed and any prior bankruptcies that need to be taken into consideration when filing for bankruptcy protection.
Furthermore, it is also important to consider whether or not filing for bankruptcy is truly necessary.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start s0 FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706