Chapter 7 Bankruptcy Eligibility

Are you considering Chapter 7 bankruptcy to correct your financial woes? If so, there are several items that you need to know.

Although you may believe that you simply need to be in debt to qualify for Chapter 7 bankruptcy, this is not always the case. Bankruptcy law and code is complicated, making it a difficult procedure for anyone who decides to file for bankruptcy.

The primary factors that a bankruptcy judge will look at are your household size and monthly income. Based on revisions made to bankruptcy laws in 2005, your income must be below that of your state's median income to qualify for Chapter 7 bankruptcy. If you are just slightly above the state median, there may be ways for you to still qualify, especially if you are behind on car payments, mortgage payments or back taxes.

Wonder if you qualify for Chapter 7 bankruptcy? Contact a San Antonio bankruptcy attorney now to discuss your legal options.