What Are the Chapter 7 Bankruptcy Income Limits?
Chapter 7 bankruptcy is a type of liquidation that involves the sale of assets to pay off creditors. It can be a helpful tool for individuals struggling with debt, but there are certain income limits that must be met in order to qualify. To determine if you meet the requirements, it's important to understand what these limits are and how they could affect your financial future.
The chapter 7 bankruptcy income limits, also known as the means test, take into account your current monthly income and household size. Depending on your state and whether you're filing jointly or as an individual, this amount will differ greatly. Your current monthly income must fall below the median for households of similar size in order to qualify for chapter 7 bankruptcy. If it exceeds this limit, then you may have to file under another type of bankruptcy or pursue other options for debt relief.
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