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Bankruptcy Code Makes it Harder to Qualify for Chapter 7

In 2005 Congress enacted changes to the Bankruptcy Code that made it more difficult to qualify for Chapter 7 bankruptcy. One of the most important changes was the "means test" - a standard by which Congress could measure who would be eligible for this type of bankruptcy.

When you file for Chapter 7 bankruptcy, you will be asked to partake in the means test. In short, it is a mathematical equation that determines whether, based on your income and accumulated debt, you qualify for Chapter 7 bankruptcy. If your current monthly income (CMI) is lower than your state's median income, you may qualify for bankruptcy under Chapter 7.

Should your CMI exceed the median income, you may have to consider other options than filing for Chapter 7. One option may be filing for Chapter 13 bankruptcy which allows you to repay the debt that you owe over the period of three to five years.

If you have questions about the bankruptcy process or which type of bankruptcy is appropriate for you, contact Bizar & Doyle, LLC today to set up a case evaluation with one of our Chicago bankruptcy attorneys. We will take the time to review your finances and answer your bankruptcy questions.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100