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CHATTANOOGA, TN, July 30, 2014 /24-7PressRelease/ -- The Chattanooga bankruptcy attorneys at Clark & Washington wish to discuss the requirements that must be met to become eligible to file for Chapter 7 bankruptcy. To gauge the qualifications of an individuals income for purposes of filing for Chapter 7 bankruptcy, the United States bankruptcy code requires the use of the "means test."
The "means test" determines whether your income meets the threshold required to file for Chapter 7 bankruptcy. The test's purpose is to keep filers with higher incomes from filing Chapter 7 bankruptcy due to their high levels of disposable income. Your disposable income is calculated by deducting specific monthly expenses from your current monthly income. If your gross monthly household income exceeds the median income of a family of the same size in the state of Tennessee, then you must complete the "means test" to determine your eligibility. The higher your disposable income, the greater the likelihood that you do not qualify to file for Chapter 7 bankruptcy.
One of the requirements of filing for Chapter 7 is mandatory credit counseling and undergoing a budget analysis. Whenever you are considering filing for bankruptcy, speak with a qualified bankruptcy attorney so that you are aware of all your options and all of the consequences of filing.
Being eligible to file for Chapter 7 bankruptcy does not necessarily mean you have to, and there are many factors you should take into consideration before making a decision. Before you consider filing for bankruptcy, know that filing for bankruptcy is a life-altering and severely credit-changing decision. As such, you should carefully think on whether it is the right remedy for you.
To learn more about Chapter 7 bankruptcy and whether you are eligible, visit http://www.chattanooga-bankruptcy-attorney.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.Chattanooga-bankruptcy-attorney.com.
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