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To qualify, your income will need to be less than your state’s median income. If you pass this means test, you will be allowed to file. ... When you file for Chapter 7 or Chapter 13 bankruptcy ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state. If the debtor's income is above the median income amount of the debtor's state, the debtor is subject to a "means test." [2]
Decide if you will file for Chapter 7 or Chapter 13 bankruptcy. ... You must have an average monthly income lower than the median income for your state or pass a means test.
There are two common types of bankruptcy: Chapter 7 and Chapter 13. ... To qualify, you need to earn a regular income and agree to a repayment plan approved by the court. A trustee will work with ...
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined ...
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