Chapter 7 Eligibility
Making the decision to file for bankruptcy may be challenging, but once a person has decided that it is the best way for them to gain control of their finances, they are often anxious to begin the bankruptcy process. Determining your eligibility for different types of bankruptcy is the next step in this process and it can be completed with the help of a legal professional.
One type of bankruptcy that many people may hope to file for is Chapter 7, however, there are strict eligibility requirements for Chapter 7 bankruptcy. If you or someone you love is considering bankruptcy or has questions regarding their eligibility for Chapter 7, contact the Florida Chapter 7 bankruptcy attorneys at the Law Offices of Ryan J. Really at (239) 237-0675 for more information.
Chapter 7 and the Means Test
In order to qualify for Chapter 7, an individual must pass what is known as the “means test”. For the means test, a financial institution will determine the applicant’s disposable income and compare it to the average amount of disposable income individuals have in that state. The primary information taken into consideration when determining a person’s disposable income includes:
- Monthly income
- Other necessary expenditures
If the individual’s disposable income is considerably higher than the number that is calculated for the rest of the state’s population, they may not be able to file for Chapter 7. Additionally, individuals are limited to one Chapter 7 bankruptcy discharge in an eight year period.
To be sure that you are making the right decisions for your future, you need experienced and knowledgeable assistance. For more information on bankruptcy eligibility and the debt relief options that are available to you, contact Florida Chapter 7 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.