According to the Knoxville bankruptcy experts, in order to qualify for Chapter 7 bankruptcy, you have to have the requisite household income to meet the "means test."This article was originally distributed via 24-7 Press Release Newswire. 24-7 Press Release Newswire, WorldNow and this Site make no warranties or representations in connection therewith.
KNOXVILLE, TN, June 17, 2014 /24-7PressRelease/ -- The Knoxville bankruptcy attorneys
at Clark & Washington wish to discuss how you can become eligible to file for Chapter 7 bankruptcy. There are two main considerations pertinent to filing for Chapter 7 bankruptcy: income and assets. You need to be aware of the income requirement to become eligible, and once you become eligible, you need to be aware of the potential effects bankruptcy could have on your personal assets.
In order to qualify for Chapter 7 bankruptcy, there is a income threshold that you must meet. To measure this threshold, an amendment was made to the United States Bankruptcy code, which in effect created a measuring test called the "means test." This test determines whether your income meets the threshold required to file for Chapter 7 bankruptcy. The test's purpose is to keep filers with higher incomes from filing Chapter 7 bankruptcy by measuring monthly disposable income. This is found by deducting specific monthly expenses from your current monthly income. If your gross monthly household income exceeds the median income of a family of the same size in the state of Tennessee, then you must complete the "means test" to determine your eligibility. The higher your disposable income, the greater the likelihood that you do not qualify to file for Chapter 7 bankruptcy.
Being eligible to file for Chapter 7 bankruptcy, doesn't necessarily mean you have to. Before even considering bankruptcy, know that filing for bankruptcy is a life altering and severely credit changing decision.Whenever you are considering filing for bankruptcy, speak with a qualified bankruptcy attorney so that you are aware of all your options and all of the consequences of filing.
To learn more about Chapter 7 bankruptcy and whether you are eligible, visit http://www.knoxvillebankruptcyattorney.com
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.Knoxvillebankruptcyattorney.com
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For the original version on 24-7 Press Release Newswire visit: http://www.24-7pressrelease.com/press-release/knoxville-bankruptcy-attorneys-clark-amp-washington-discuss-qualifying-for-chapter-7-bankruptcy-387924.php