Chapter 7 Bankruptcy not for everyone – can you pass the means test?

Chapter 7 bankruptcy is the fastest legal way to discharge unmanageable debt.  However, many people who come to me for advice on filing bankruptcy are surprised to learn that they earn too much income to qualify for this form of debt relief.  This week, I spoke with a gentleman who was a perfect candidate for a chapter 7 bankruptcy: a recent divorce has left his personal finances in disarray, with a mortgaged house that neither he and his former wife can afford to pay.  However, this father of one earns $85,000.00 a year – too much income to qualify for chapter 7 bankruptcy.        Continue Reading

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