Chapter 7 Bankruptcy Eligibilty
Am I Eligible for Chapter 7 Bankruptcy?
If debt is crushing you, filing a Chapter 7 bankruptcy might be your best option. Chapter 7 bankruptcy allows maximum relief from debt, and almost always makes it possible to retain your property. All bankruptcy cases are better filed through an experienced Indiana attorney in order to avoid delays, setbacks, and possible loss of assets.
With over 26 years experience, Walton Legal Services offers clear and authentic legal advice about whether you qualify for a Chapter 7 bankruptcy. Each one of our clients is important to us and we devote our full attention to each and every bankruptcy case. Call Walton Legal Services to schedule your free initial consultation session with one of our experienced bankruptcy attorneys.
Bankruptcy Means Test
When you file for Chapter 7 bankruptcy, the law requires you to take a test to see if you meet the eligibility requirements of a chapter 7 bankruptcy. The means test is the straightforward test you are required to take.
You can generally file for Chapter 7 bankruptcy if you are earning
- Less than $41,854 for single-person households
- Less than $52,687 for two-person household
- Less than $61,915 for three-person household
- Less than $72,155 for four person household
What if I Fail the Bankruptcy Means Test?
Our experience is that most of the people under financial duress easily pass the bankruptcy means test. Even if you donít pass the test, there still might be a possibility that you can file under Chapter 7. As competent and experienced Indiana bankruptcy attorneys, weíll analyze your situation and determine if there are alternative ways in which to pass the means test.
Walton Legal Services in Indiana is your trusted bankruptcy law firm for the last 26 years. Why waste time as debts continue to mount? Give us a call and set up an appointment for your FREE initial consultation with our experienced bankruptcy attorneys. We will give you sound legal advice and quote you the most reasonable and transparent legal fees, so that you know exactly how much youíll be paying.