What Are the Chapter 7 Bankruptcy Income Limits?
The process of filing for Chapter 7 bankruptcy is often an effective way for people to obtain debt relief and start fresh financially. However, in order to be eligible for this type of bankruptcy, you must meet certain income limits set by the federal government. Knowing what those limits are can help you determine if Chapter 7 bankruptcy is the right option for your situation.
Chapter 7 bankruptcy includes a "means test" which compares your household income to the median income for your state and number of family members. If your income is lower than that amount, then you qualify for Chapter 7 bankruptcy protection. In addition, if your disposable monthly income after subtracting all applicable expenses falls below a certain limit, then you may also be eligible under the means test. If neither scenario applies to you, then it's likely that another form of debt relief may be more appropriate.
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