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

The first step to understanding if you qualify for Chapter 7 bankruptcy in Washington is to calculate your current monthly income. To determine eligibility, you will need to determine your average monthly income over the last 6 months. This is often referred to as your “current monthly income” or CMI. If your CMI is lower than the medial income of your state, you may qualify for Chapter 7 bankruptcy in Washington. You can find the median income data for your state at the website of the U.S. trustee. If your CMI is higher than the median, you will need to complete a “means test.” This requires you to compare your CMI to the median income of a family of the same size in your state, as well as account for certain deductions. If your CMI, after deductions, is not more than the median family income, you may qualify for Chapter 7 bankruptcy. Finally, you must also meet certain procedural requirements to qualify for Chapter 7 bankruptcy. For example, you must have received credit counseling prior to filing for bankruptcy. Additionally, if you have had a bankruptcy case dismissed within the past 180 days due to your failure to appear in court or comply with court orders, you may not be able to qualify for Chapter 7 bankruptcy. It is important to note that this is just a general overview of the criteria for Chapter 7 bankruptcy in Washington. To be sure you qualify, it is best to speak with a qualified bankruptcy attorney in the state of Washington. An attorney can review your circumstances and give you the best advice regarding the bankruptcy process and your eligibility for Chapter 7 bankruptcy.

Related FAQs

What is considered a non-dischargeable debt?
Is bankruptcy a public record?
Are there any special provisions for filing for bankruptcy as a business?
What are some of the potential pitfalls to filing for bankruptcy?
What is the difference between a Chapter 11 and a Chapter 13 bankruptcy?
Does filing for bankruptcy stop foreclosure proceedings?
Can I keep certain types of tax debts when filing for bankruptcy?
What is the difference between a joint bankruptcy filing and an individual filing?
Are there any assets that I will be required to sell when filing for bankruptcy?
What kind of debt relief is available to married couples filing for bankruptcy?

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

Related FAQs

Related Blog Posts