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

In order to qualify for Chapter 7 bankruptcy in Massachusetts, you must first pass a means test. This test helps to determine if you are eligible to file for Chapter 7. The means test is a calculation that compares your income level with the median income of other Massachusetts households of the same size. If your income is below the median, you may be eligible to file for Chapter 7 bankruptcy. Additionally, if you can prove that your expenses exceed your income, you may also be eligible to file for Chapter 7. This can be done by providing evidence that you are unable to pay off your debt and provide for your family’s basic needs. Another factor in determining your eligibility for Chapter 7 bankruptcy is the type of debt you have. Certain types of debt, such as child support payments, alimony, and student loans cannot be discharged in a Chapter 7 bankruptcy. Lastly, you must have completed a credit counseling class prior to filing for bankruptcy. This class helps to make you aware of the different options available to you in terms of managing your debt and helping you to make wise financial decisions. By taking into account the means test, your income level, the type of debt you have, and having completed a credit counseling class, you can determine if you qualify for Chapter 7 bankruptcy in Massachusetts.

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

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