How do I know if I will qualify for Chapter 7 Bankruptcy?

In Delaware, you must meet certain criteria in order to qualify for Chapter 7 Bankruptcy. Under the law, you must have a certain level of debt and income in order to qualify. To determine if you are eligible for Chapter 7 Bankruptcy, you must first complete a means test, which is a form that will allow you to calculate your income and determine whether you meet the requirements for Chapter 7 Bankruptcy. In addition, you must also show your annual income and expenses, which will help the court determine whether you have the ability to pay off your debt through a Chapter 7 Bankruptcy. If your monthly income is more than the median income in Delaware, you will not qualify for Chapter 7 Bankruptcy. Additionally, if your income surpasses the maximum median for your family size, then you may still have to go through a Chapter 13 Bankruptcy process. If your income is lower than the median in Delaware, then you may still qualify for Chapter 7 Bankruptcy. In this case, the court will examine your individual income and expenses as well as the amount of debt that you owe to determine if you can still qualify for Chapter 7 Bankruptcy. Overall, if you need to determine if you qualify for Chapter 7 Bankruptcy, then it is important to understand the Delaware laws and to take the means test. By doing so, you can find out whether Chapter 7 Bankruptcy is an option for you.

Related FAQs

How does the trustee handle my debts in a Chapter 7 Bankruptcy?
How much will my attorney fees be for filing for Chapter 7 Bankruptcy?
What types of assets can be protected in Chapter 7 Bankruptcy?
What debts cannot be discharged in Chapter 7 Bankruptcy?
What is a discharge order?
Will I have to appear in court to file for Chapter 7 Bankruptcy?
What is the difference between liquidation and reorganization in Chapter 7 Bankruptcy?
How does Chapter 7 Bankruptcy work for businesses?
What debts are not dischargeable in Chapter 7 Bankruptcy?
What is the Automatic Stay?

How do I know if I will qualify for Chapter 7 Bankruptcy?

Related FAQs

Related Blog Posts