Qualifications for Chapter 7 Bankruptcy

The qualifications for filing any type of bankruptcy is established by the United States Bankruptcy Code. No one can override these requirements, not even a judge or attorney. Chapter 7 Bankruptcy refers to the section of the United States Bankruptcy Code that explains the liquidation of assets and the elimination of consumer debt. Remember, Chapter 7 Bankruptcy completely eliminates most debt. As such, Chapter 7 Bankruptcy has very specific standards that must be met in order to file a Chapter 7 Bankruptcy.

In short, the primary qualifications for Chapter 7 Bankruptcy are:

• No previous bankruptcy in the previous 6 - 8 years (depending on the type of bankruptcy)
• Must qualify under the Chapter 7 Bankruptcy "Means Test"

While you may qualify for Chapter 7 Bankruptcy, it might not be the best option for you. It is important to understand all of the advantages and disadvantages of Chapter 7 Bankruptcy and how it will affect you. Filing for the wrong type of bankruptcy protection can have far reaching consequences.