What is the dollar limit you can make and still file for bankruptcy? How? 8 Answers as of June 22, 2015

What is the dollar limit you can make and still file for bankruptcy? We want to file for the one where it takes away all your debts. How do we go about this?

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GARCIA & GONZALES, P.C. | Richard N. Gonzales
Close to $50K for a single individual. But you can subtract part of your mortgage and/or car payments from your gross wages. This decision is too important - meet with an experienced BK lawyer face to face. Good luck!
Answer Applies to: Colorado
Replied: 6/22/2015
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
There is no simple answer to your questions. It sounds as though you want to file a chapter 7 bankruptcy. There is no dollar limit for income. There is an amount above which you must do an analysis of your income and expenses to determine if you are eligible to file for chapter 7. That amount varies with the size of your household and the state in which you live. If you are uncertain about your eligibility then you really should hire an experienced lawyer to assist you in the bankruptcy process. If you earn enough to be required to complete the "means test" then you will be MUCH better off having a lawyer represent you.
Answer Applies to: Colorado
Replied: 6/22/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You should see a local attorney because it is case specific when you get into income over the median income for your geographic region.
Answer Applies to: New York
Replied: 6/22/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
There is no earnings dollar limit in bankruptcy law. People who have higher incomes simply have more complicated cases and it can become more difficult and expensive to qualify to file bankruptcy. To file a Chapter 7 bankruptcy where you do not make monthly payments on your debts for up to 5 years, you better be able to show that after paying just for necessary living expenses, you have not got enough to pay even 25% of your debt over a 5 year period. So if you have $100/month left in your budget, in 5 years (60 months) you would be able to pay $6,000, so better have more than $24,000 in debts.
Answer Applies to: Nevada
Replied: 6/22/2015
Ronald K. Nims LLC | Ronald K. Nims
The Chapter 7 limit is different in each state. For two people it ranges from $50,000 in a rural state to over $100,000 in a populous state.
Answer Applies to: Ohio
Replied: 6/22/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    There is no dollar limit as to income. There are dollar limits of debt for filing Ch. 13: about $367,000 in unsecured debt, and about $1.1 million in secured debt. In addition, you will have to fill out a 'means test,' in which you are given allowances or deductions in particular amounts set by the IRS and state agencies for each of some dozens of kinds of expense. If at the end of the exercise you have disposable income of more than about $190 per month, you cannot file under Ch. 7 and if you want the benefits of bankruptcy you must file under Ch. 13. Consult an experienced bankruptcy lawyer in your area, who can go over all this information and much more with you. It's worth the investment. Good Luck p.s. With a small exception, the debts discharged under either chapter are the same.
    Answer Applies to: Wisconsin
    Replied: 6/19/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    There is the means standard which is too long for me to recite. But even if your above it you may still qualify.
    Answer Applies to: Michigan
    Replied: 6/19/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Well the income limits vary by state. Plus, there are some odd deductions that go into the calculation, so the raw numbers do tell the entire story. You will find the information about the raw numbers for your state by looking at the "United States Trustee's" web site. If you are over the gross amount, see a lawyer to have the calculation run. The lawyer will need all of your income information for the past 6 months. For example right now we use December 1, 2014 to May 31, 2015. If there has been a significant change in that period the numbers will skewed and that is another calculation.
    Answer Applies to: California
    Replied: 6/19/2015
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