One of the main purposes of Bankruptcy Law is to give one who is hopelessly burdened with debt, a FRESH START by wiping out his or her debts.
If you are considering bankruptcy this page should give you the information needed to make informed decisions. The FAQ’s and answers that follow will provide a reliable understanding of the law. Other questions you may have after reading the following information can be directed to your Bankruptcy Attorney during a consultation in our office.
CAN I FILE BANKRUPTCY?
Too many expenses and not enough income leads to stress that can wreck marriages and cause mental depression. The search for RELIEF ultimately leads to the question “Can I file Bankruptcy”? You can explore the answer here privately.
If you are an individual(s); have not filed a Chapter 7 Bankruptcy in the last eight (8) years; your reasonable expenses are greater than your income, AND your average gross income each month is less than the amounts shown in the “Median Income” table below, then you qualify for Chapter 7 bankruptcy relief.
MEDIAN INCOME |
||
NUMBER IN HOUSEHOLD |
ANNUAL |
MONTHLY |
1 |
33,701.00 |
2,808.00 |
2 |
41,560.00 |
3,463.00 |
3 |
50,772.00 |
4,231.00 |
4 |
56,768.00 |
4,731.00 |
5 |
63,668.00 |
5,306.00 |
6 |
70,568.00 |
5,881.00 |
7 |
77,468.00 |
6,456.00 |
8 |
84,368.00 |
7,031.00 |
*Amounts as of April 2007
EXAMPLE: A married couple with two children who have not received a bankruptcy discharge in eight (8) years, who have an average gross income each month of less than $4,731.00 and who have reasonable expenses each month which are more than their current net income each month can file for Chapter 7 bankruptcy relief.
Click here for more Bankruptcy FAQ’s
Bankruptcy starting at $799, excl. Court required fees.
