Benefits of Chapter 7 Bankruptcy

Filing for bankruptcy under Chapter 7 of the Bankruptcy Code is very appealing for many of those in need of bankruptcy protection.

Why? The benefits are great.

Why Chapter 7 is So Appealing to Many Bankruptcy Filers

Means Test (Plus One More)

Chapter 7 bankruptcy protection was designed for "lower" income and low asset individuals (and married couples). Therefore, you need to qualify for Chapter 7 by meeting the "means test straight" or the "means test plus one more".

Example State Median Incomes

Absolutely be sure to consult with a bankruptcy attorney to determine the current median income for your own state and to determine whether you qualify for the "means test plus one" if you don't immediately qualify for the "means test straight".

But in the meantime, here are some example state median incomes, current as of May 2012.

WARNING: DO NOT ELIMINATE YOURSELF FROM FILING CHAPTER 7

This heading is in all capital letters because we really mean it and we desperately want to grab your attention. It's imperative that you consult with a bankruptcy attorney before you disqualify yourself from Chapter 7. The benefits are too great not to know the facts.

Determining whether you qualify for Chapter 7 under the means test straight and the means test plus one can be tricky. Don't count yourself out without asking a bankruptcy lawyer for guidance.

Where to Find a Bankruptcy Attorney

Our job at Attorneys.org is to help people like you find an attorney. We list attorneys who focus their practice on particular areas of law and you are free to contact them or not. It's totally up to you whether you consult with one of the attorneys list and, if you do, which attorney you choose.

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