how does one qualify BK7 under new law

[Rintaro]

What are the requirements under new BK law to Qualify for BK7?

Does anyone know?

[FreshLikeADaisy]

You know, that's a very BROAD question.

To begin with, it helps if your annual income for your household does not exceed the median income for your area, and your monthly expenses meet or exceed your monthly income.

There is a website I used (www.legalconsumer.com) that allows you to plug in your zip code and gives you the numbers and info for your area; I would start there. (I have no affiliation with this site; just a satisfied visitor.) There are other sites too, just google "bankruptcy means test calculator" or something close and you should see plenty. If your read up on the differences between Chapter 13 and Chapter 7 (the two bankruptcies available to individuals) you'll get a good sense of what the various factors involved are. Good luck!

[rilbrianne]

Yep, I agree. Google "means test" and you'll be able to put in some figures and it will tell you easily if you pass or fail. I believe passing it means your income is too high, failing means it's low enough ( I know, sounds backwards but that's the way I remember it).

[keepmine]

But, keep inmind that just because your income may be over the median, you can still file a Chapter 7 based on limited disposable income. You need to fill out the expense and income schedules to make a final determination.

[Rintaro]

Thank you all for the repsonses!