Will I Qualify To File Bankruptcy?
Will I Qualify for a Chapter 7 Bankruptcy?
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Income Requirments for Chapter 7 Bankruptcy
Your median household income is the first quaification for whether an individual or household qualifies for Chapter 7 Bankruptcy.
As of November 1, 2009, in Washington State the median income table is:
Household of One: $51,344.
Household or Family of Two: $64,158
Household or Family of Three $72,533
Household or Family of Four: $82,716
Add $6,900 for each household or family member in excess of 4.
However, if you are above the state median income, you can still qualify for Chapter 7 Bankruptcy under a formula called the "Means Test" that is explained in detail under the "Chapter 7 Bankruptcy" section of this website. Our experienced Chapter 7 Bankruptcy Attorneys can also further explain the requirements to you.
What if I Have Previously Filed for Bankruptcy?
If you have previously filed for bankruptcy, you will not be eligible to receive a discharge of your debts in a Chapter 7 bankruptcy if you received a prior discharge within 8 years of the new filing. In such cases, you may have to file Chapter 13 Bankruptcy bankruptcy and repay a portion of your debts for three years. Even so, filing Chapter 13 Bankruptcy is typically a more affordable and better option for most people in financial distress with their current monthly debt obligations.
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