Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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If you want to file a chapter 7 bankruptcy you will have to meet the following criteria:
1. your median household income has to be lower or the same as the average income in the State.
2. You will have to have more monthly expenses than income
If the above two factors are satisfied you could file a chapter 7 bankruptcy and discharge all of your unsecured debts, except student loans, taxes and any child support or domestic relations orders.
THE ABOVE LIST IS WHAT ITEMS YOU ARE ALLOWED TO KEEP IF YOU FILE A BANKRUPTCY
The above exempt assets are important to know, so that if you do file a chapter 7, you will know what assets have to be turned over to the Court., Any property that is valued over the above exempt amounts have to be turned over.
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