How do I know if I can get approved to file for bankruptcy? 14 Answers as of August 26, 2011How do I know if I can get approved to file for bankruptcy? Is there a certain debt/income ratio that I have to have? Is there a certain income threshold? How do I know that this makes the most financial sense?
Theodore N. Stapleton, PC | Theodore N. Stapleton
Yes you must pass the means test. Generally a household with 2 people cannot file chapter 7 if they make over $48,000 a year based upon last 6 months income but there are many exceptions based upon payments on secured loans and the nature of your debt.
Answer Applies to: Georgia
Lehn Law, PA | Joseph W. Lehn
Approval to file bankruptcy should not be your only concern. There are income limits for the different chapters of bankruptcy as well as debt limits and many other bankruptcy rules which must be followed prior to filing or you run the risk of your case being dismissed.
Answer Applies to: Florida
Paul Stuber, Attorney at Law | Paul Stuber
To qualify to file bankruptcy you must either owe more than your assets are worth or be unable to pay monthly all of your bills. You also need to meet the means test. If you make too much you cannot file a chapter 7 bankruptcy. Not everyone who can file should. You are right to ask what makes the most financial sense? You should go to one of the sites that does credit counseling for possible bankruptcy filers. You will have to get a certificate from one of them to file anyway. They are supposed to take your information and give you advice as to the possible ways of dealing with your financial situation.
Answer Applies to: Colorado
Bird & VanDyke, Inc. | David VanDyke
There are certain income limits to a chapter 7 that depend on family size and other factors. You must qualify under the means test. As far as whether this is a good idea for you? I advise you consult with an attorney.
Answer Applies to: California
Guerrieri & Cox | Michael A. Cox
You really should seek a free consultation from an attorney in your area. There are many things we look at, including the type and amounts of debt and your income. There are too many pitfalls to risk not at least getting a free consultation where an attorney can tell you if you should qualify.
Answer Applies to: Ohio