What Are The Basic Requirements For Filing A Chapter 7 Petition For Bankruptcy?

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What Are The Basic Requirements For Filing A Chapter 7 Petition For Bankruptcy?

Each type of bankruptcy has its own requirements for filing. An individual who is filing for Chapter 7 bankruptcy is required to meet the “means test” to be eligible. The means test is a mathematical formula that courts use to determine whether the petitioner is abusing the system. The mathematical formula uses calculations which include your monthly income as calculated by law, multiplied by 60, which has to be greater than 25 percent of your unsecured debt or $6000 if the 25 percent is less than $6,000, or it must be greater than $10,000.

Other Chapter 7 and Chapter 13 FAQs

Q: What Is The Difference Between A Chapter 7 And Chapter 13 Bankruptcies?
A: The decision on whether to file a Chapter 7 or Chapter 13 bankruptcy should be based on your circumstance and the kind of debts that you have incurred. A Chapter 7 … More
Q: Can I Change From One Chapter To Another?
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Q: Will All Of My Debts Be Discharged In A Chapter 7 Bankruptcy?
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Q: Will I Be Required To Sell My Assets?
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Q: What Is The Difference Between A Secured Debt And An Unsecured Debt?
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