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.
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