How do I know if I qualify for a Chapter 7 bankruptcy?

In order to qualify for a Chapter 7 bankruptcy in Colorado, you must first pass the means test. This means that you need to have a household income that is below the median income for a household of your size in your state. In order to figure out if your income is below the median, you can look at the median income tables provided by the United States Trustee Program. In addition to the means test, you must also have less than $1,257,850 in secured debt and less than $419,275 in unsecured debt. This means that your total amount of debt must not be more than the specified amounts by the US Trustee Program. Finally, you must also have filed a tax return for the year preceding the filing of the bankruptcy petition. If you have not filed the return, you will not be able to qualify for the Chapter 7 bankruptcy. In conclusion, if you meet the above three requirements, you may qualify for a Chapter 7 bankruptcy in Colorado. It is important to speak with a qualified bankruptcy attorney to make sure that you understand all of your options and your rights during the bankruptcy process.

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How do I know if I qualify for a Chapter 7 bankruptcy?

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