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

If you are a resident of Virginia and you are considering filing for Chapter 7 Bankruptcy, it is important to understand what qualifies you for the process. In order to be eligible to file for Chapter 7 Bankruptcy in Virginia, the debtor must pass what is known as the means test. This test takes into account the debtor’s current income and compares it to the median income for households of the same size in the state. If the debtor’s income is lower than the median income for their household size, then they are likely eligible for Chapter 7 Bankruptcy. Additionally, a debtor must not have filed for bankruptcy in the past eight years. If the debtor’s filing is a business or has previously filed for Chapter 11 or Chapter 13 Bankruptcy, the time limit is more than eight years. Debtors should also be aware that certain types of debt, such as student loans and certain tax debts, are not eligible to be discharged in Chapter 7 Bankruptcy. To help ensure you are eligible to file for Chapter 7 Bankruptcy in Virginia, you should speak with a bankruptcy attorney. A qualified attorney will have knowledge of any updates to Virginia’s Bankruptcy Laws and can provide advice on whether Chapter 7 Bankruptcy is right for you.

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