Are there income requirements for filing for Chapter 7 Bankruptcy?

Yes, there are income requirements for filing for Chapter 7 Bankruptcy in Virginia. To qualify for Chapter 7 Bankruptcy, you must pass the "Means Test" to make sure your income is low enough. This test compares your average income over the last six months to the median income in Virginia. If your income is lower than the median income, then you are qualified to file for Chapter 7 Bankruptcy. If your income is higher than the median income, then the test looks at other factors such as your debts, assets, and expenses to determine if you are eligible for Chapter 7 Bankruptcy. However, even if you pass the Means Test, you may still be denied for Chapter 7 Bankruptcy if you have filed for bankruptcy in the last 8 years or if you have abused the bankruptcy system in the past. Additionally, certain types of debts, such as student loans and certain tax debts, are not eligible to be discharged in Chapter 7 Bankruptcy. Overall, while there are income requirements for filing for Chapter 7 Bankruptcy in Virginia, it depends on your individual circumstances whether or not you are eligible to file. If you are considering filing for Chapter 7 Bankruptcy, it is important that you consult a knowledgeable attorney to advise you on your best course of action.

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