Today, several people are struggling with debt in Greenbelt, MD. To wipe off the debt and get a clean slate, most people prefer filing for chapter 7 bankruptcy. However, there are a few things needed for you to qualify. Notably, people with high income can’t be eligible for filing for Chapter 7 bankruptcy. Here are some criteria for you to be eligible for chapter 7 bankruptcy. Further facts about Greenbelt, MD can be found here.
Must Pass the Bankruptcy Means Test
Your monthly income mustn’t exceed the state’s revenue for you to qualify for a chapter 7 bankruptcy. If your income doesn’t meet the means test, you aren’t qualified. Again, more than half of your debt must come from consumers instead of business or tort debts. Information about When Should You File for Chapter 7 Bankruptcy can be found here.
Haven’t Had a Recent Bankruptcy Discharge
If you were discharged from chapter 7 bankruptcy within the past eight years, you can’t qualify. The bankruptcy law prevents debtors from taking advantage of running in debt and having it cleared in bankruptcy court. The filing period starts from when you filed the bankruptcy.
Must Receive Credit Counseling
You must receive credit counseling from a certified government agency to qualify for chapter 7 bankruptcy. The counseling must be completed 180 before you are discharged from bankruptcy. You must receive credit counseling within a specified period to avoid dismissal of your bankruptcy case.
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The Phillips Law Offices LLC is your sole solution if you need to file for chapter 7 bankruptcy. Call us through (301) 494-4250.