Is it Possible to Not Meet the Requirements for Chapter 7?
There are some things that could cause you to not qualify for Chapter 7. Most commonly, those things include earning too much income and filing a Chapter 7 within the past 8 years.
Time Requirements
If you filed Chapter 7 bankruptcy and received a discharge within the past 8 years, you do not qualify to receive a discharge under Chapter 7. This means that you would be required to wait until at least 8 years from the date of the Chapter 7 filing to file another Chapter 7. You could still qualify to receive bankruptcy protection under another bankruptcy chapter, including Chapter 13, in a shorter time frame. If you filed Chapter 7 within the past 8 years and you are struggling with debts, contact Financial Freedom Legal to discuss options that are available to help you now.
Earning Too Much Income
Your household income over the past 6 months will be considered in determining whether or not you qualify for Chapter 7. Your household income includes any earnings you received as well as pay received by your spouse. The average gross monthly household income over the past 6 months is used to calculate your projected yearly income. Your projected yearly income is then compared to the median income for your household size. In the event that your projected yearly household income is higher than the median income for your household size, additional steps must be taken to determine whether or not you may qualify for Chapter 7. At a free consultation, Financial Freedom Legal gathers information about your household income and size, calculates your projected yearly income, and determines whether or not you are above or below the median income for your household size. We are then able to help you explore your available options. It may still be possible to qualify for Chapter 7 even if you are above the median income for your household size as there might be other factors that can be taken into account. Additionally, there are other bankruptcy options available in the event that you do not qualify for Chapter 7.
Don’t Face Bankruptcy Alone
If you are considering Chapter 7, you do not have to navigate the process alone. At Financial Freedom Legal, we offer free bankruptcy consultations that can be completed via telephone, virtually, or in-person at our office. Let us help you explore your options and determine if Chapter 7 is right for you.
