DO I QUALIFY TO FILE BANKRUPTCY ONLINE IN CALIFORNIA?
If you cannot pay your bills and have not filed for bankruptcy in the last eight years you probably qualify.
If this sounds like you, then let us show you how to file bankruptcy online. You will find our bankruptcy service easy to use, inexpensive and quick. If complete debt elimination is your goal then we can help.
HOW MUCH MONEY ARE YOU ALLOWED TO EARN IN ORDER TO QUALIFY FOR A CHAPTER 7 BANKRUPTCY?
The IRS sets the income level for people filing for bankruptcy in California. The amounts allowed are usually increased yearly, sometimes twice a year. The IRS table attached is spreadsheet format.
CAUTION : The amounts shown on the table can actually be increased by about $1,000 to $1,200 when your living expenses are taken into consideration.
PLEASE NOTE : The IRS table gives the income as a yearly figure. However, the bankruptcy income qualification test uses a monthly amount. So divide the amount in the table by 12 to get your monthly sum. Let me give you the easy way to understand this.
If you were going to file bankruptcy in July, then you add up the total GROSS amount of money you earned, borrowed, or received during January 1st through June 30st of that same year. Divide that number by 6. You then have your total monthly gross income.
Compare that amount to what the IRS table allows you to make. So if the IRS table says you are allowed to make $3,800 – you can usually make up to $5,000 or below and still qualify.
CHAPTER 7 ELIGBILITY DEFINED BY US BANKRUPTCY COURT
To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. Subject to the means test for individual debtors, relief is available under chapter 7 irrespective of the amount of the debtor´s debts or whether the debtor is solvent or insolvent. An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor´s willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.
One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property.
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