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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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What is the criteria/requirements for being able to file b

Resolved Question:

What is the criteria/requirements for being able to file bankruptcy?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

How many are in your household?

Customer: replied 6 years ago.
4 total, wife, 2 children
Expert:  cfortunato replied 6 years ago.

There are 2 main types of Bankruptcy - Chapter 7 and Chapter 13. Chapter 7 is preferred because you pay nothing to have debts discharged. With a Chapter 13 you have to pay all disposable income to the Bankruptcy court for up to 5 years. At the end of the 5 years, the balance of unsecured debts would be discharged.

To qualify for a Chapter 7, a debtor's gross monthly household income must be $6,600 or less for a family of 4 in Pennsylvania.


I think this is what you wanted to know. If not, please let me know.

Thank you!

Customer: replied 6 years ago.
In your answer, what do you mean by disposible income?
Expert:  cfortunato replied 6 years ago.
Disposable income is net (take-home) income minus allowable expenses, such as mortgage payment or rent, food, utilities, car payment(s), etc.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
What do you mean by disposable income?