There are barriers to filing for Chapter 7 bankruptcy protection and receiving the benefits of a financial fresh start and putting an end to harassing creditors, and wage garnishments. Requirements for filing a Chapter 7 bankruptcy include:
- Within the last 180 days you completed a credit counseling course on the internet, on the phone, or in person from a counseling agency approved by the Court;
- The state in which you are filing must have been your place of residence for the previous 90 days. If you have not resided in the state for 90 days then you may file in the state where the majority of your assets have been located for the last 180 days or where your principal of business is located;
- A previous bankruptcy has not been dismissed within the last 180 days for (1) voluntary dismissal after a creditor has filed for a Motion of Relief From Stay, or (2) failure to obey court orders or failure to appear before the court;
- Not having filed a Chapter 7 within the last 8 years where a discharge was received;
- Either not have filed a Chapter 13 in the last 6 years where you received a discharge, or have received a discharge in a Chapter 13 but paid 70% or more to your unsecured creditors;
- Average monthly income over the last 6 months is less than the median for your county OR the average monthly income over the last 6 months minus allowable expenses is not enough to pay one quarter of your debt over the next 5 years;
- Not be an insurance company, financial institution, nor a railroad.
These requirements are found in the federal bankruptcy code. If you fail to meet one of the requirements, you may still be able to receive bankruptcy protection by filing in another Chapter.
Who Is Eligible to File Chapter 7 Bankruptcy?: Concluding Remarks
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If you are being contacted by creditors or debt collectors you need to know that there are laws that are on your side to protect you. These laws provide for penalties when creditors or debt collectors go beyond the law to try to collect debts. Consumers, just like you, are collecting $1000s from major lending institutions and smaller debt collectors. Collectors hope you don't know your rights. But, filing a simple lawsuit can often bring in cart loads of cash. |
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Tags: Bad Credit, bankruptcy, bankruptcy requirements, chapter 7