Eligibility and Requirements for Chapter 7 Bankruptcy
Who Can File for Chapter 7 Bankruptcy?: Chapter 7 Bankruptcy offers relief to various entities, including individuals, corporations, and other business entities. This pathway is available irrespective of the size of the debtor’s debts or their solvency status, contingent upon passing the means test.
Understanding the Means Test and Eligibility Criteria: The means test plays a pivotal role in determining eligibility for Chapter 7 Bankruptcy. It evaluates your financial situation to ascertain whether Chapter 7 is the appropriate recourse for your debt relief. Additionally, certain circumstances may preclude debtors from filing under Chapter 7, including:
- Previous voluntary dismissal of a bankruptcy case following creditor actions to reclaim property.
- Dismissal of a bankruptcy petition within the past 180 days due to non-compliance with court orders or failure to appear before the court.
- Lack of credit counseling from an approved agency within 180 days preceding the Chapter 7 filing.
Experienced Guidance from Friscia & Associates: Navigating the intricacies of Chapter 7 Bankruptcy requires knowledge and understanding. Our team at Friscia & Associates is equipped to guide you through the eligibility criteria, ensuring you make informed decisions about your financial future.
Considering Chapter 7 Bankruptcy?: If you’re exploring the option of Chapter 7 Bankruptcy or have questions related to it, contact Friscia & Associates at (973) 500-8024 or (212) 960-8308 for comprehensive legal advice. Alternatively, submit your contact information here, and we’ll reach out to you directly for a personalized consultation.