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

In South Dakota, the first step to finding out if you can file for Chapter 7 Bankruptcy is to take a means test. The means test determines if your income is low enough for you to be eligible for Chapter 7 Bankruptcy. To take the means test, you must calculate your average monthly income from the previous six months. You must also calculate your total household income and the number of dependents you have. If your total income is below the median income of South Dakota for households of the same size as yours, you are likely eligible for Chapter 7 Bankruptcy. However, even if your income is above the median, you may still qualify for Chapter 7 Bankruptcy if you can demonstrate that you have “special circumstances.” Once you have determined your eligibility, you must consult a qualified bankruptcy attorney in South Dakota to discuss the specifics of your case and your options. A bankruptcy attorney can help you evaluate whether filing for Chapter 7 Bankruptcy is the best option for you. An attorney can also assist you with the filing process and help make sure you understand your rights and obligations.

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

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