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Income qualification for Chapter 7 Bankruptcy

In order to get a discharge under chapter 7 bankruptcy relief, you must meet certain income requirements. Among other things, your average income from all sources in the last six months should be less than or equal to the median income as specified in the median income guidelines. The median income depends on the locality [...]

By | July 31st, 2016|Bankruptcy|0 Comments

Difference between Chapter 7 and Chapter 13

If a debtor does not have assets which are above the exempt assets allowed and has an income which is equal to or less than a median income, he will most probably be qualified for Chapter 7 Bankruptcy Relief. However, if the debtor's income is more than the allowed median income and/or his assets are [...]

By | June 7th, 2016|Bankruptcy|0 Comments