My husband and I want to know if we can file Chapter 7 making 120, yearly. We have 5 people living in our home including us and we have been the only ones working. My daughter did start a job but she don't make much. Please let me know if we can file living in Maryland chapter 7?
The best way to figure out if you can file a ch7 is to have some consults with experienced local bankruptcy lawyers.
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What kinds of debts do you have? How much of each type of debt? After paying your living expenses, how much do you have left over and available to pay those debts? If my crystal ball were working today, I would know the vast financial details that are needed to determine if you are eligible for Chapter 7. But if my crystal ball was working today, why wouldn't I use it profitably? Hope this perspective helps!
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The income you are asking about is one factor to determine if you can file the chapter 7 - your question sounds like you're asking about the means test. There are many other considerations other than the means test on whether you can file a chapter 7.
My answers are not intended as legal advice and are to be construed as general statements only.
Your income is one factor in the means test. Some of the other factors are whether you own a home and pay a mortgage, how many cars you own and the amount of the car payments, (amount of mortgage payment, car payments, and car count reduce the amount of your monthly gross income, which affects the means test). Other factors are average of the last 6 months income for you both, family size, health care expenses, daycare expenses, and other qualified expenses. It's not easy to give a general answer, but an analysis with your information can be done.
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