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Requirements to File Chapter 7 Bankruptcy

Jul 4, 2009 Bankruptcy

There are barriers to filing for Chapter 7 bankruptcy protection and receiving the benefits of a financial fresh start and putting an end to harassing creditors, and wage garnishments. Requirements for filing a Chapter 7 bankruptcy include:

- Within the last 180 days you completed a credit counseling course on the internet, on the phone, or in person from a counseling agency approved by the Court;

- The state in which you are filing must have been your place of residence for the previous 90 days. If you have not resided in the state for 90 days then you may file in the state where the majority of your assets have been located for the last 180 days or where your principal of business is located;

- You filed a bankruptcy that was dismissed within the last 180 days for (1) a failure to obey orders of the court or a failure to make an appearance before the court, or (2) requesting a voluntary dismissal after a creditor asked the Court for relief from the automatic stay;

- Not having filed a Chapter 7 within the last 8 years where a discharge was received;

- Either not have filed a Chapter 13 in the last 6 years where you received a discharge, or have received a discharge in a Chapter 13 but paid 70% or more to your unsecured creditors;

- Average monthly income over the last 6 months is less than the median for your county OR the average monthly income over the last 6 months minus allowable expenses is not enough to pay one quarter of your debt over the next 5 years;

- Not be an insurance company, financial institution, nor a railroad.

These requirements are found in the federal bankruptcy code. If you fail to meet one of the requirements, you may still be able to receive bankruptcy protection by filing in another Chapter.

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