Szabo Law Group, P.A. Florida. Bankruptcy, immigration and real estate attorneys

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

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

There are many variables which can affect whether a Debtor qualifies for a Chapter 7 Bankruptcy or whether a Chapter 7 Bankruptcy is the best option. Often, the Means Test under the Bankruptcy Code can be the determining factor. Typically, if the gross annual income of a Debtor is under $48,000 as a single member household and under $58,960 as a two-member household then the Debtor(s) is presumed to qualify for Chapter 7 Bankruptcy. The annual salary amounts are adjusted each year.