Content Overview
- Summary
- What Is Chapter 7 Bankruptcy?
- Chapter 7 Income Threshhold
- Assets You Can Keep In Spite Of A Chapter 7 Bankruptcy
- Four Steps To Find Out If You Will Be Required To Make Repayments After Bankruptcy
- Pre-Bankruptcy Counseling
- Post- Bankruptcy Counseling
- Complaints Against Approved Counseling Agencies
- What is A Typical Chapter 7 Bankruptcy Process Like?
Chapter 7 Bankruptcy
Chapter 7 Income Threshhold
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In order to qualify for Chapter 7's elimination of all debt except taxes, child support and student loans, you must meet a means test . The amount varies across the country because the requirement is that your family income must be less than the median income for a family of similar size in your state.
To find the median family income in your state, see the U.S. Census Bureau information which includes a state-by-state listing at http://www.census.gov
If your family income exceeds the state median income for a household of your size, you may be required to repay a portion of what you owe.
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