How Do I Qualify For Chapter 7 Bankruptcy

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Do you qualify for Chapter 7 calculator. Take our Chapter 7 Cost and Qualification Calculator: tryascend.com/embed/qualify_b.... It's free and doesn't even require an email address. It's also based on your zip code, so specific for your state.
Bankruptcy Means Test Qualification Forms: www.uscourts.gov/forms/means-...
Average Income Calculator: tryascend.com/embed/average_i...
Chapter 7 Above Median Calculator: bit.ly/3z9DUBT
Bankruptcy exemptions that can help you keep assets: tryascend.com/bankruptcy/exem...
Chapter 7 qualification can be complex as it considers your household income, the state where you live and the household size. That can be simple if you are salaried, but what if your income is variable? Also, if you exceed the income limit for your state, does that mean you do not qualify? Not necessarily.
Here's what we will cover in this video:
Chapters:
0:00 Intro
2:15 Means Test and Bankruptcy Qualification
3:39 How to Calculate
5:38 Qualifying Above Median Income Limit
8:04 3 Reasons You May Qualify, but Don't Want to File
#bankruptcy #debt #debtfreejourney
Music: www.bensound.com

Опубликовано:

26 июл 2024

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Комментарии : 10

@AscendFinance 4 месяца назад

Thanks for watching! As I mentioned, you can take our Chapter 7 Cost and Qualification Calculator here: tryascend.com/embed/qualify_bankruptcy_chapter_7_above_median_calculator/aboveMedian If you have any questions, feel free to give us a call at 833-272-3631!

@dougs7367 6 месяцев назад

What if you have no income but a family member currently pays your mortgage, phone, utilities etc.

@AscendFinance 6 месяцев назад

Then you may qualify for the means test - especially if you're not married and have no other income under your taxes. They tend to look at your last 6 months of income and household size (who your file taxes with, not necessarily how many people live under the same roof). I can connect you to a local bankruptcy attorney for a free consult if you'd like! Feel free to fill this out and ask us to refer you bit.ly/3OGNzF

@jameswarfield4152 9 месяцев назад

you said that SS retirement wasn't part of the means test, But it still needs to be reported on form I. Does this mean that the court would see that I past the means test, but I have extra money so I am forced into Chapter 13? The other question is say I meet the means test, yet when I do the expenses, they are only 65% or a little less of my means. However the reason is that I have so much debt that I can't afford pay my monthly requirements and plus the interests rates are killing me because I took out high interest loans. Bottom line my expense with my monthly debt payments means my monthly expenses including debt is like 125 plus of my monthly income?

@AscendFinance 8 месяцев назад

These would be great questions for an attorney. Have you met with one and hired one yet? If not, give us a call at 833-272-3631 and we can see if there's a reputable one in the area that provides free phone evaluations.

@amenedelta4377 Месяц назад

I tried to file for bankruptcy but my lawyer said that I have $1500 disposable monthly , I don’t see where is the money we do travel a lot and use cash a lot since iam a server and loose track on my spending, do you think if I can add more spending on food ( eating out ) and travel will help me qualify for chapter 7 . My lawyer recommended me filing for chapter 13 but I don’t wanna kill myself to pay $1500 every month for 5 years . We are family of 4 and household annual income is $88000. What would you recommend in my case please.?

@jasonblizzard9635 6 месяцев назад

Household income is not limited to a spouse, right? It's anyone working and living in the house?

@AscendFinance 6 месяцев назад

Hey thanks for the question! It usually depends on tax dependency, it may be helpful to connect with an attorney so they can tell you for sure, feel free to give us a call if you have other questions at 833-272-3631.