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Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.
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∙ 10y ago
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Does income count AFTER you file chapter 7?
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
Are there exceptions to the chapter 7 income test if the person has too much income to qualify now but believes they will not be able to complete a chapter 13 due to impending heart surgery?
Unfortunately bankrupcy laws do not allow for what may or may not happen in the future. An option might be for the petitioner to file the "13" and if the surgery becomes a reality try to have the "13" dismissed, then file a chapter 7.
Do you need a minimum income to qualify for a chapter 7 bankruptcy?
No.
Is there a income limit for filing chapter 7 for an individual?
No. The question is, do you make enough money to be over the median income for your state, then do your expenses leave you with no income to do a Chapter 13 Plan.
What were the chapter 7 bankruptcy laws in 2001?
Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
Is your social security retirement income exempt for chapter 7 bankruptcy?
yes
You have huge debt medium income do not want chapter 13 will divorce let us file chapter 7?
Divorce will not affect filing chapter 7. If the divorce is final, you will have to file separate chapter 7s. If the divorce is not final, or has not happened, you can file a joint chapter 7.
What is the means test to file bankruptcy?
One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court. The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems. However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.
I need to know how to file bankruptcy.?
You need to contact a bankruptcy lawyer since you need to have one to file. Which chapter depends on how much money you have, you may not qualify for chapter 7 if you have too much money.
Can a person with only social security income file chapter 7 to discharge their medical debts if they live with their parents?
In a word yes. You sound like a perfect candidate for chapter 7 bankruptcy. The court looks at an individual's income, which would include the social security income, and the debtor's expenses. The income is listed on schedule I and expenses on schedule J. To file chapter 7 there cannot be any disposable income (the difference between the income and expenses) left over. If money is left over, then the court would say, you have money left at the end of the month, so file chapter 13 and pay your creditors that amount. I assume your social security income is low, but since you live with your parent's maybe your expenses are not high. Again, your expenses need to be basically the same of a negative to file chapter 7. Hope that made sense and helped.
Is there a period of time after filing for bankruptcy you should wait for income that isn't affected?
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
If you filed Chapter 7 last year but were given a 10K exemption do you have to claim this on your income tax this year?
No
