Can Everyone Qualify For Chapter 7 Bankruptcy?
Whether you’re considering filing for bankruptcy or just have a question, it’s important to understand what you’re actually eligible for. If you have more debt than you can afford to pay back, Chapter 7 might be a good option for you. However, if you have assets, there may be other options. For instance, if you own a house, you might be able to eliminate your mortgage through the bankruptcy exemption system.
The bankruptcy law has a number of criteria that you must satisfy before you can file for bankruptcy. The most glaring is that you must meet the income requirements. There are some exceptions to this rule, such as military members.
In the most basic sense, you must have less income than the state median income for a household of similar size. In the state of Utah, this means that your income must be less than $57,000. You can also file for Chapter 7 if your monthly household expenses are less than your monthly disposable income.
The means test is a complex computation, but it’s not as difficult as it seems. It looks at your current income and all of the necessary and optional expenses. It’s also the best place to start, if you’re trying to figure out if you’re eligible for bankruptcy chapter 7. In the mean time, you should also look into credit counseling. This free service is offered by every state, so you don’t have to go broke trying to qualify for a bankruptcy. If you’re eligible for one of these services, you’ll receive a certificate of completion.
Aside from the standard monthly expenses, you should also consider the costs of living in your community. If you’re a renter, you might be able to deduct your rent from your income. In fact, you can even offset your tax debts through your monthly payments toward your priority debts.
A good legal assistant can help you navigate the legal system and answer your questions. The best place to start is your local legal aid society. Most of these groups have free legal representation for low-income individuals. If you’re thinking of filing for bankruptcy, talk to a lawyer who has experience in bankruptcy law. They’ll also have the expertise to recommend the right plan for you. Depending on your situation, you might be able to file for bankruptcy in Utah or anywhere else.
The means test can be an intimidating endeavor, but with the right support, you can get through it with ease. Your attorney will be able to explain all of the rules in a clear, concise manner.
If you have been wondering if you qualify for Chapter 7 bankruptcy, talk to your attorney. If your income is over the median, you can still file for Chapter 7. You may also be able to use your disposable income to repay your unsecured debts through a Chapter 13 repayment plan. Using this plan is the smart way to pay off debt and start fresh.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
https://www.ascentlawfirm.com
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Lindon, Utah
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Lindon, Utah
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The Wasatch mountain range north of Lindon.
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Location in Utah County and the state of Utah
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| Coordinates: 40°20′19″N 111°42′58″WCoordinates: 40°20′19″N 111°42′58″W | |
| Country | United States |
| State | Utah |
| County | Utah |
| Settled | 1850 |
| Incorporated | March 5, 1924 |
| Named for | Linden tree |
| Area | |
| • Total | 8.54 sq mi (22.11 km2) |
| • Land | 8.35 sq mi (21.63 km2) |
| • Water | 0.19 sq mi (0.48 km2) |
| Elevation | 4,642 ft (1,415 m) |
| Population
(2010)
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| • Total | 10,070 |
| • Estimate
(2019)[2]
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11,100 |
| • Density | 1,329.34/sq mi (513.27/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84042
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| Area code | 801 |
| FIPS code | 49-45090[3] |
| GNIS feature ID | 1442630[4] |
| Website | www.lindoncity.org |
Lindon is a city in Utah County, Utah, United States. It is part of the Provo–Orem, Utah Metropolitan Statistical Area. The population was 10,070 at the 2010 census. In July 2019 it was estimated to be to 11,100 by the US Census Bureau.
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