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

To know if you qualify for Chapter 7 Bankruptcy in Idaho, you must first review the eligibility requirements. To do so, you must meet the means test, which compares your average monthly income to the median income of a family of the same size in your state. If your income is below this median family income, you can file for Chapter 7 bankruptcy. In addition, even if you don’t meet the requirements of the means test, you can still qualify for Chapter 7 bankruptcy if you do not have enough disposable income, which is calculated by deducting certain expenses from your income, for repayment of your debts through a repayment plan. You also need to meet the eligibility requirements for a Chapter 7 discharge, which is the elimination of your debt through a court order. To do this, you must have received credit counseling from an approved agency within 180 days prior to filing. You must also have not obtained any other bankruptcy discharge in the eight years prior to filing a Chapter 7 bankruptcy. Lastly, you will need to attend a meeting of the creditors with your bankruptcy attorney. During this meeting, you will answer questions under oath about your finances and debts. By reviewing these requirements, you can determine if you qualify for Chapter 7 bankruptcy in Idaho.

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

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