If your debts are primarily consumer debts, your Chapter 7 eligibility is determined by the means test. The means test a formula that includes your gross income (and your spouse’s gross income) for last 6 months and certain deductions. If you your income is below the median income of the state where you live, you are eligible for Chapter 7.
The median income in Arizona for one person is $52,319 for a two-person household is $65,713, for a three-person household is $71,704, and for a four-person household is $86,950. Add $9,000 more for each individual in excess of four people per household.
However, even if your income is above the median income, you may still be eligible to file for Chapter 7. Call us today at 480-425-2009 for a confidential consultation or contact us through this website!
If your debts are primarily business debts, you do not have to pass the means test in order to qualify for Chapter 7 bankruptcy protection. Call us today to schedule a consultation!