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Geoff Massanek.
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May 9, 2024 at 12:51 pm #33549
Geoff Massanek
ModeratorMay 9, 2024 at 12:53 pm #33557Geoff Massanek
ModeratorThere’s no specific amount of debt you need to have to file for Chapter 7 bankruptcy. It’s more about whether filing makes sense for your situation. Here’s what you should consider:
- Means test: You’ll need to pass the means test, which looks at your income over the past six months and compares it to the median income for a family of your size in your state. If you make less than the median, you’re in the clear to file. If you make more, you might still qualify, but there’s a bit more math involved with your expenses and debts.
- Type of debt: Chapter 7 works best for wiping out unsecured debts, like credit card bills and medical expenses. For secured debts like a car loan or mortgage, it’s trickier unless you’re okay with giving up the property that secures the debt.
- Previous bankruptcy filings: If you’ve filed Chapter 7 before, there’s an eight-year waiting period before you can file again.
It’s a good idea to chat with a bankruptcy lawyer to see if Chapter 7 is a good fit for your financial troubles and to help you navigate through the process if you decide to go ahead.
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