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

In order to determine if you qualify for a Chapter 7 bankruptcy in the District of Columbia, you will need to take a look at your income, assets, debts, and expenses. To qualify for Chapter 7 bankruptcy, you must have a limited income, minimal assets, and debts that exceed your ability to pay them off. Your income is calculated by taking your total income over the past six months and subtracting any allowed living expenses such as mortgage or rent payments, food, clothing, taxes, and transportation. If your income is below the median income limit set forth by the state, you may qualify for Chapter 7 bankruptcy. You will also need to take a look at your assets. Chapter 7 bankruptcy will allow you to discharge most, if not all, of your debt. Before you can qualify, however, any non-exempt assets will need to be sold and the proceeds used to pay your creditors. You will also need to consider your debts. Generally speaking, you cannot qualify for Chapter 7 bankruptcy if you have elected to pay back most of your debts over the past three to five years. Finally, you will need to look at your expenses. If your debts, such as credit cards and medical bills, exceed your ability to pay them off, it is likely that you qualify for a Chapter 7 bankruptcy. If you are still unsure if you qualify for a Chapter 7 bankruptcy, you should consult with a qualified bankruptcy attorney in the District of Columbia. An experienced attorney will be able to review your financial situation and provide you with sound advice on whether or not a Chapter 7 bankruptcy is the right option for you.

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

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