Am I Eligible to file for Chapter 7 Bankruptcy?

The Law Offices of Mark M. Kratter, LLC, in Norwalk, Connecticut, serves chapter 7 bankruptcy clients throughout Fairfield County, CT including the communities of Norwalk, Stamford, Greenwich, Westport, Redding, Wilton, Ridgefield, Darien, Weston, Fairfield, Danbury, Stratford, Monroe, Newtown, Bethel, Danbury, New Canaan, Easton and Bridgeport. The law firm also serves clients in Hartford, CT and New Haven, CT Bankruptcy Courts.

The rules governing Chapter 7 Bankruptcy eligibility became much stricter when new laws went into effect in 2005. Now, you are only eligible to file for bankruptcy once every eight years and you are not allowed to file for bankruptcy if you have been denied by the court in the last six months.

Before you are permitted to file for Chapter 7 bankruptcy, you will first need to pass a means test, which compares your income level to other wage earners in your state and determines how much disposable income you have. In many cases, if you do not pass the means test, you will not be allowed to file under Chapter 7.

Income is determined by annualizing wages earned over the previous six months. Income thresholds are dependent on the number of people living in your household. But even if you do not initially pass the means test, we may be able to help you. The following are the current income thresholds for Connecticut (Keep in mind that these figures change frequently and the number may not be updated):

  • One person — $58,529
  • Two people — $72,586
  • Three people — $86,643
  • Four people — $102,124
  • Five people — $109,024
  • Six people — $115,924

The law allows for the adjustment of income based on necessary expenditures, including child support, mortgage payments, health insurance, life and property insurance, car payments and other expenses. We will make the most compelling possible argument to support your position. We have helped clients with incomes as high $400,000 qualify for Chapter 7 bankruptcy.

If you are not eligible for Chapter 7 bankruptcy, we can still help you pursue relief via Chapter 13 bankruptcy.

Working to Preserve Your Eligibility Under Chapter 7 Bankruptcy

At the Law Offices of Mark M. Kratter, LLC, in Norwalk, Connecticut, we can help you understand your rights and eligibility under Chapter 7. Our attorneys have extensive experience in these matters and we will take the time to work through all of your debt relief options with you.

Call for a Free Initial Consultation

Contact our office today to discuss your Chapter 7 Bankruptcy eligibility questions with a lawyer. We are available during regular business hours and by appointment in the evenings. You can reach us by phone at 866-LAWS4CT (529-7428) or via e-mail.

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