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Do I Need to Quit my Job to Qualify for Chapter 7?

Posted By Majed on Jan 10, 2011 7:40am PST

Not necessarily.   Chapter 7 eligibility is determined by two things.  If you earn less than the state's median income you are automatically eligible to file for Chapter 7.  If you earn more, your eligibility will be determined by the means test. The means test is a formula that determines how much money you have left over after paying debt.  This test is essential for most individuals looking to file for Chapter 7.

Do not make rash decisions based on bankruptcy myths.  Speak to an experienced counselor at the Fears | Nachawati Law Firm to determine your next steps.
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