Determining Eligibility for Chapter 7 Bankruptcy

There are several different forms of bankruptcy that an individual can file, but not every form is “right” for their particular situation. Chapter 7 bankruptcy is one of the most commonly filed bankruptcies, but it’s important to understand that not everyone immediately qualifies for it. There are certain eligibility requirements that must be met, and The Coyle Law Group believes it to be critical that Maryland debtors understand these requirements before trying to file for bankruptcy.

Eligibility Requirements

Chapter 7 bankruptcy has certain eligibility requirements which applicants must be able to meet before they can be considered qualified to file. These eligibility requirements include:

  • Having a lower-than-median income for your household in Maryland
  • Having disposable income that’s considered “efficient” (subtract expenses from income)
  • Qualifying through the Chapter 7 Means Test
If you fit some or all of the above criteria, then Chapter 7 bankruptcy may be a viable option for settling your personal debts. The best way to know for sure which form of bankruptcy is right for you, however, is to talk with an attorney about your options.

Contact a Bankruptcy Attorney in Maryland

Contact a Bankruptcy Attorney in Maryland

If you or someone you love is considering filing for bankruptcy and want to know more about Chapter 7 bankruptcy and eligibility, then The Coyle Law Group can help. When you contact our Maryland offices today at 410-884-3180, we can help you set up a consultation to discuss your personal financial situation, as well as go over your individual bankruptcy options.