Eligibility for Chapter 7

Under current US bankruptcy law, people who wish to file for Chapter 7 bankruptcy must meet certain requirements in order to be eligible to apply. The first of these eligibility requirements is a means test. Under the terms of the bankruptcy law established in 2005, a person must have a monthly income that is less than the median monthly income of their state in order to file for Chapter 7 bankruptcy.

Additionally, people who wish to apply for Chapter 7 bankruptcy must also complete financial counseling before they can file their case. Applicants for bankruptcy must complete a credit counseling program as well as a debt management counseling program before they can complete the bankruptcy process. In order to comply with these regulations people wishing to apply for Chapter 7 bankruptcy must complete their financial counseling through an organization approved by the US Trustee Program.

Do you have questions about the Texas bankruptcy process? Speak to a San Antonio bankruptcy attorney today to learn more about the process for becoming eligible for Chapter 7 and to get any of your other questions about bankruptcy answered by contacting the Malaise Law Firm.