Do I qualify for Chapter 7 bankruptcy?
You ask: Will I qualify for Chapter 7 bankruptcy? Yes, if you have an income below the median income of your state and no money left after paying your reasonable and necessary costs. Who qualifies for Chapter 7 Bankruptcy is largely determined by your household income and expenses (assuming you haven’t filed a Chapter 7 Bankruptcy or received a discharge within the last 8 years).
If you have a monthly income below the median income of your state and you spend all of it on your expenses, you may qualify for Chapter 7 Bankruptcy. It doesn’t matter if you have assets or not. Chapter 13 Bankruptcy is the best option, as it does not lose any non-exempt property. Imagine, for example, that you earn 50k per year and are a single family. You are eligible to file Chapter 7 bankruptcy. Let us now add one more fact. Imagine you rent in Minnesota, but own a condo in Florida (non homestead) worth 100k with no liens. Your interest in non-homestead property in Florida is not exempt.
You will lose your condominium if you file Chapter 7 Bankruptcy Minnesota. The condominium will be sold, and any exempted portion (due a wildcard exemption) will be paid to the debtor. The balance of the proceeds is used to pay unsecured creditors. Do you qualify for Chapter 7 Bankruptcy filing? Answer: yes! However, filing Chapter 7 Bankruptcy may not be the most prudent move for you given your assets.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
When the time is right, when you are ready to get your life back, reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to
www.lifebacklaw.com
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