Who can apply for bankruptcy?

Answer 1

Almost any individual, partnership, or corporation may file a chapter 7 bankruptcy petition if he or she live in, has a domicile, a location of business, or property in the United States. If you filed a prior bankruptcy petition and the prior proceeding was dismissed within the last 180 days, you may not be able to file a second petition.

If you pass the "means test" and complete the required credit counseling within six months prior, most people can file a Chapter 7.

Answer 2

Qualifications for who can apply for bankruptcy differ greatly according to which type of bankruptcy the individual or business/corporation wishes to file under. There are a number of different chapters, each with a different set of stipulations-most start with the monetary amount of the debt that has been accrued. There is usually a minimum amount that is different for each chapter. The article below goes over the various chapters and certain stipulations.

Answer 3

Eligible persons are natural persons who have regular income and who possess noncontingent, liquidated, unsecured debts of less than $250,000 and secured debts of less than $750,000.