How do I know if I can file for Chapter 7 Bankruptcy?

In order to file for Chapter 7 bankruptcy in California, you must first meet certain criteria. The first thing to understand is that Chapter 7 bankruptcies are only available to individuals, not businesses. Additionally, in order to be eligible, you must pass a “means test”. This test compares your average income to the average income of other people in your state. If your income is too high, you may not be eligible for Chapter 7 bankruptcy. The other requirement is that you must have been a resident of California for at least three months prior to filing for bankruptcy. Furthermore, you must also have completed a credit counseling course within the past 180 days. Finally, you must have had your taxes filed for the past four years. It’s important to remember that filing for bankruptcy can have serious consequences, and you should consult with an experienced bankruptcy attorney before making any decisions. They can help you understand your rights and responsibilities, and explain what the process will be like for you. They will also be able to help you determine if you are eligible for Chapter 7 bankruptcy, and what the best course of action is for you.

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