• What is Chapter 7 Bankruptcy?
• Can I File Chapter 7 Bankruptcy?
• What is Chapter 13 Bankruptcy?
• Who Can File Chapter 13 Bankruptcy?
• Should I Borrow Against My House?
• What About My Credit?
• Will My Creditors Stop Harassing Me?
• Should I File Bankruptcy?
• Why Should I Hire a Lawyer?
• What About Credit Counseling?
• What Should I Expect?
• What Should I Bring?
• Bankruptcy advice
• Should I prepare a budget for bankruptcy?

Charlotte Chapter 7 Bankruptcy

Bankruptcy Attorneys in Charlotte, Concord & Monroe

Can I file Chapter 7 Bankruptcy?

Filing for Chapter 7 bankruptcy can be a powerful tool for dealing with overwhelming debt. But it isn't available to everyone. Here are some situations in which you will not be allowed to file for Chapter 7.

Now that the new bankruptcy law has gone into effect, there are clear criteria that dictate who will be allowed to stay in Chapter 7 bankruptcy and who will be forced to use Chapter 13 bankruptcy. Disabled veterans whose debts were incurred during active duty and people whose debts come primarily from the operation of a business get a fast pass to Chapter 7. All others must meet the requirements set out below.

Under the new rules, the first step in figuring out whether you can file for Chapter 7 is to measure your"current monthly income" against the median income for a family of your size in your state. Your "current monthly income"is your average income over the last six months before you file. If your income is less than or equal to the median, you can file for Chapter 7. If your income is more than the median, however, you must pass "the means test" another requirement of the new law in order to file for Chapter 7.

Lastly, you cannot file for Chapter 7 bankruptcy if you obtained a discharge of your debts in a Chapter 7 case within the last eight years, or a Chapter 13 case within the last six years.

Let the bankruptcy attorney at Schwilm Law Firm help you to get debt free. Call for a Chapter 7 bankruptcy free consultation at 704-567-5252.