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Do I Have to File Chapter 13?

Posted By Majed on Aug 9, 2010 7:31am PDT
Many often wonder if Chapter 13 is required when a debtor is gainfully employed or otherwise receiving monthly income.  The short answer is it depends.  In order to file for Chapter 7 a debtor must qualify under the means test.

The means test does not have a cut off for income, however it is a formula to determine whether or not a debtor has enough money to pay creditors, regardless of income.  The determining factor is income in comparison to expenditures.

If you are considering bankruptcy but nervous that you will not qualify for Chapter 7, an experienced attorney may be able to help.  Contact the Fears | Nachawati Law Firm today for a consultation.
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