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Is there a minimum and maximum amount of debt that I need to have to qualify for Chapter 7 bankruptcy?




How much do you owe?

Sub: #1 posted on Wed, 05/09/2012 - 04:02

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17319 | Credits: )

There is no minimum or maximum amount of debt for a Chapter 7, assuming you otherwise qualify. However, if the amount you owe is "small" you may be better off dealing with your creditors one-on-one.

Des.

Sub: #2 posted on Wed, 05/09/2012 - 05:23

despritfreya despritfreya

(Posts: 175 | Credits: )

Chapter 7 filing is based on your income and disposable income.
This is determined by taking the Means Test. If you have no disposible income after all your necessary expenses, such as rent, utilities, car notes, food etc etc you qualifiy. If at the end of the means test you have a substantial amount of disposible income you will then qualify for chapter 13.

This is all based on information that was provided through my attorney

Sub: #3 posted on Wed, 05/09/2012 - 09:36

eeyorelover79 eeyorelover79

(Posts: 84 | Credits: )


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