Bankruptcy laws and regulations are continuously changing. Before you go to file for bankruptcy, you need to determine if you are eligible. Many factors play a role in this and a Bankruptcy Attorney Fort Lauderdale can be of great assistance in helping you determine if this is the case. Before you go visit this attorney, you may wish to have a general idea of whether or not you qualify. Income plays a role in this and you may have to undergo a means test. If it is believed you are cheating your creditors, you cannot file for chapter 7 bankruptcy and the same is true if you have filed a previous bankruptcy in a certain period of time.
To file for chapter bankruptcy, you must meet certain income requirements. First the court looks at your current monthly income and compares it to the median income in your state for a family of your size. If your income is equal to or less than the median income, you may file for Chapter 7. If not, you must undergo a means test which determines if you have enough to repay some unsecured debts over a five year period.
Those who have filed a chapter 7 or a chapter 13 bankruptcy in the past 180 days and it was dismissed for certain reasons cannot file for chapter 7. This is true if the filing of chapter 7 would be in violation of a court order and the court ruled the previous case was a fraudulent filing or abused the bankruptcy system in some way. The other situation in which you cannot file a chapter 7 under this rule is if the dismissal was requested after one or more creditors requested relief from the automatic stay.
If a bankruptcy court believes you are attempting to hide assets or cheat your creditors, you cannot file for chapter 7 bankruptcy. There are certain red flags in this situation such as intentionally buying things you knew you couldn’t pay for or transferring assets to friends and family so they wouldn’t be included in the bankruptcy case.
Discuss your case with a Bankruptcy Attorney in Fort Lauderdale. He or she can best tell you when you can and cannot file for chapter 7. As no two situations are alike, this is the best course of action to ensure you receive accurate information.
