Dallas Chapter 7 Eligibility Attorneys
Successfully filing for Chapter 7 bankruptcy can provide a great deal of relief to individuals and businesses who suffer from seemingly irreparable financial troubles. Chapter 7 bankruptcy offers a number of benefits that may be particularly suitable for your unique situation. Qualifying for Chapter 7 bankruptcy, however, can sometimes prove difficult. Applicants must complete a number of forms and provide documentation and evidence of their financial state, among other things. At Gagnon, Peacock & Vereeke, P.C., our Dallas attorneys have extensive experience handling Chapter 7 bankruptcy proceedings; we can help you determine your eligibility and, if appropriate, walk you through the process of filing for bankruptcy.
How to Qualify
In order to qualify for Chapter 7 bankruptcy, you will have to pass the “means test”, which examines both your income and expenses and ensures that they fall under certain guidelines. Specifically, the means test calculates your monthly disposable income by deducting your expenses from your monthly paycheck. Though a qualified bankruptcy attorney can help you determine your eligibility through the means test, the following are exceptions that will automatically qualify you for Chapter 7 bankruptcy:
- Your monthly income is less than the median household income in the state
- Your debts are mostly non-consumer debts (business debts)
- You are a disabled veteran and your debts were incurred while you were on active duty
- You are a member of the military reserve and have been on active duty within the last 540 days.
The purpose of the means test is to prevent individuals with higher incomes from taking advantage of the benefits afforded in a Chapter 7 bankruptcy. This is not to say that recipients of larger paychecks cannot qualify for Chapter 7 bankruptcy; if your monthly costs are high enough, you may still be eligible. Regardless, qualifying for Chapter 7 bankruptcy does not mean that you should file for Chapter 7 bankruptcy. A Dallas bankruptcy attorney can help you weigh out your options.
Contact a Dallas Chapter 7 Bankruptcy Attorney
If you live in the Dallas or Plano area and you are considering filing for Chapter 7 bankruptcy, you may want to contact a qualified and experienced attorney to assist you throughout the process. At Gagnon, Peacock & Vereeke, P.C., we have helped a number of clients find critical relief from financial struggles. Call us today at (214) 317-4448 to see how we can help you.