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How to File Chapter 7 Bankruptcy

How To File

In filing for Chapter 7 bankruptcy, the "where" aspect of the petition is definitely not to be overlooked. Applicant parties must submit formal requests to the bankruptcy court with jurisdiction. However, before even concerning oneself with how to file for Chapter 7 bankruptcy, a person contemplating such measures should see that they qualify.

The means test may be a critical determinant to see if individual debtors and insolvent corporations may legally petition for Chapter 7 bankruptcy. Especially with regard to the former, if one's monthly income over the past five years exceeds the median salary of the working population in the United States and/or regularly adjusted dollar amounts (currently at a rate slightly over $10,000), they may be charged with an abusive petition. Imaginably, such an accusation is by no means a light matter. Therefore, prior to filing for Chapter 7 bankruptcy, prospective petitioners are advised to consult with a credit counselor as well as a bankruptcy attorney.

Another logistical point of concern with how to file for Chapter 7 bankruptcy is how to prepare for the inevitable creditors' meeting mediated by the trustee.

NEXT: Learn About Chapter 7 Bankruptcy

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