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

In order to qualify for Chapter 7 Bankruptcy in South Dakota, you must pass a “means test.” This means test looks at your current income and expenses and compares them to the median income of similar sized households in your state. If your income is slightly above the median, you may still qualify but you will need to go through additional steps. If you are employed, your income must be below the median income for your family size. Your total monthly net disposable income must also be below a certain threshold. In addition, the amount of your secured debts must be less than a certain value, typically $1,075,000. If you are unemployed or unable to work due to disability, you may still qualify for Chapter 7 Bankruptcy. You must still complete the means test and may be asked to provide additional documentation to prove your eligibility. Finally, even if you are eligible for Chapter 7 Bankruptcy in South Dakota, it is important to understand that filing for bankruptcy can have a serious impact on your credit score and may make it difficult to get credit in the future. Therefore, it is important to contact a qualified bankruptcy attorney to discuss your options before making any decisions.

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

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