How much money can I make per year and still file for Chapter 7?
The Orwellian titled Bankruptcy Reform and Consumer Proctection Act of 2005 has imposed certain eligibility requirements for debtors seeking Chapter 7 relief. Your eligibility is determined by the means test. The means test looks at your gross income for the past 6 months prior to filing. If your income is below the median, then you are eligible for Chapter 7. If your income is above the median, then you must complete the means test. The means test deducts various expenditures from your gross income to determine your disposable monthly income. If your disposable monthly income is more than $166.66 or is more than $100 and this amount would repay at least 25% of your unsecured creditors, you will be ineligible for Chapter 7 without showing special circumstances.
The Orwellian titled Bankruptcy Reform and Consumer Proctection Act of 2005 has imposed certain eligibility requirements for debtors seeking Chapter 7 relief. Your eligibility is determined by the means test. The means test looks at your gross income for the past 6 months prior to filing. If your income is below the median, then you are eligible for Chapter 7. If your income is above the median, then you must complete the means test. The means test deducts various expenditures from your gross income to determine your “disposable monthly income”. If your disposable monthly income is more than $166.66 or is more than $100 and this amount would repay at least 25% of your unsecured creditors, you will be ineligible for Chapter 7 without showing special circumstances.
