Sep. 20, 2021

How to Qualify for Chapter 7 Bankruptcy in North Carolina

Chapter 7 BankruptcyManaging personal finances have continued to become more challenging in recent years. Due to volatility in employment rates, rising costs of living, and flat wages, staying ahead of your finances can be difficult. For those that are in the High Point or Greensboro, North Carolina area, filing Chapter 7 bankruptcy can be a great way to get a fresh financial start. If you are looking for a fresh start, it is important that you first determine if you will qualify for this bankruptcy protection. When learning more through a bankruptcy attorney Greensboro NC residents will better understand the factors that can influence whether they will qualify for this support.

Maximum Income Requirements

One of the factors that will determine if you can qualify for a Chapter 7 filling in North Carolina is if you have an income that is lower than the median income in the state. If you do earn less than the median income, you will have an increased chance of qualifying for this form of bankruptcy. The median income test will also increase based on how many people live in your household.

Means Test

When working with a bankruptcy attorney High Point and Greensboro residents may also qualify for Chapter 7 protection if they meet the means test. If your income is above the median income for the state, it does not necessarily mean you cannot qualify for this type of protection. If it can be shown that you have living expenses that are well beyond your affordability, you could qualify for this form of bankruptcy. This part of the process will factor in all of your monthly expenses and then compare it to your outstanding debts and sources of income.

Recent Bankruptcy Filing

While you could qualify for a Chapter 7 filing based on your income or the means test, the court system will still factor in whether you have filed for bankruptcy in the past. Generally, the court system in North Carolina does not want people to repeatedly file for bankruptcy to get out of paying back their debts. If you have filed for Chapter 7 protection in the last eight years and received a discharge, you likely will not qualify at this time. If you have filed for Chapter 13 in the past six years and received some form of discharge, you will also likely not qualify at this time. However, there are always extenuating circumstances that could influence your overall eligibility.

Fraud or Abuse

As there are clear financial incentives that come with filing for bankruptcy, there is always a chance that someone could commit fraud when they are filling out all the paperwork. If you are caught committing fraud during the process, it could lead to your whole case being thrown out. Due to this, it is always important that you are fully honest about your income, assets, debts, and any other pieces of information requested.

If you are thinking about filing for bankruptcy, hiring an attorney is always a good idea. When you are a bankruptcy attorney in Greensboro NC, you will receive consultation and support through the entire bankruptcy filing process. The bankruptcy lawyers in Greensboro NC will focus on helping you determine if you are qualified to file Chapter 7 in this state. If you are, they can help you file and handle all negotiations with the creditors. This will help ensure you receive the most favorable outcome possible. When you are looking for a Greensboro NC bankruptcy attorney, calling the Law Office of Mercedes O. Chut is a great option as the legal team here is experienced with bankruptcy law in this state and can provide all legal services that you will need for this process.

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