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- You can be eligible to file for Chapter 7 bankruptcy if you are an individual, married couple, business partnership, corporation or other legal business entity.
- You can file after taking and failing a standardized means test. The test measures your income against the national standard and compares your income with your debt to determine whether you are solvent or insolvent. You also cannot file for Chapter 7 bankruptcy within seven years of a previous bankruptcy petition and successful debt discharge.
- You must wait at least 180 days to file for bankruptcy if you have had a previous bankruptcy dismissed because of an unwillingness to appear before or cooperate with the requests of the courts.
- As mandated by changes made by the act, you must obtain credit counseling from an approved agency before you file for bankruptcy. You must also obtain predischarge counseling before your debts are discharged and your bankruptcy case is closed.
- While you might be tempted to attempt to save money by filing for bankruptcy, it is highly recommended you seek the advice of a legal professional. He will be able to help you properly complete your paperwork and guide you through the process.
Who Can File
Eligibility
Previous Filings
Credit Counseling
Filing for Bankruptcy
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