Bankruptcy Eligibility

Many people delay contacting a bankruptcy attorney because they are not certain if they are eligible for bankruptcy relief. Fortunately, I find that the vast majority of the people who contact my office are eligible for Chapter 7 or Chapter 13 bankruptcy.

I understand that you may have many questions:

  • What if I previously filed for bankruptcy?
  • What if I am employed?
  • Do I make too much money to be eligible for bankruptcy?
  • What is the Chapter 7 means test, and how does it affect my eligibility?

I am attorney Steven F. Bilsky, and I am here to help. I offer a free consultation to answer your questions. I can help you determine if you are eligible for bankruptcy, if bankruptcy is right for you, and what type of bankruptcy is best suited to address your debt problems.

I practice exclusively in bankruptcy law and have been helping clients find solutions to debt problems for more than 30 years. You can rely on me for the sound guidance and experienced representation you require. To schedule your consultation, contact my law office in Memphis, Tennessee.

Means Test For Chapter 7 Bankruptcy

A debtor is eligible for Chapter 7 debt relief if the debtor's household income is below the median income of households of the same size. If you are considered to be an above-median income family, then you will have to satisfy the requirements of the Chapter 7 means test.

The means test calculates whether you should have money to pay your unsecured debt if you were living within the mean (median) income as set out by the Internal Revenue Service guidelines and standards.

Many of the people who contact my office are eligible for Chapter 7 bankruptcy. Even If you are not eligible for Chapter 7 bankruptcy, you may still qualify for Chapter 13 bankruptcy.

Eligibility For Chapter 13 Bankruptcy

Chapter 13 has a disposable income test that uses IRS guidelines similar to those used in the Chapter 7 means test to determine what you can pay in your Chapter 13 plan. You must have a regular source of income to enable you to make monthly payments under the terms of your Chapter 13 debt repayment plan.

Can I File For A Second Bankruptcy?

If you have previously obtained debt relief through a Chapter 7 bankruptcy, you must wait eight years from the time of your previous filing before you can file for another Chapter 7 bankruptcy. If you previously obtained debt relief through a Chapter 13 bankruptcy, you must wait six years to file for Chapter 7 bankruptcy or two years to file for a subsequent Chapter 13 bankruptcy. These are general rules and exceptions exist.

Contact A Memphis Bankruptcy Lawyer

You do not have to face your debt problems alone. I am here to help. I serve clients throughout the Memphis metropolitan area. To schedule a free consultation with a Memphis bankruptcy attorney, contact my law office at 901-236-0572 or 888-336-3691. You may also contact my office by email.

The Law Office of Steven F. Bilsky is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.