Who is eligible to file for Chapter 7 Bankruptcy
In order to file for Chapter 7 Bankruptcy, you must meet certain eligibility requirements. First of all, you must either be a small business, or an individual business, or a married company. If you file as a small business (a partnership or sole proprietorship, for instance), you can discharge many of your business debts. Additionally, you can only file for Chapter 7 Bankruptcy once in any six year period; moreover, you cannot file if you have had a previous bankruptcy case dismissed within the last 180 days or if you have attempted to abuse or defraud the bankruptcy systems. Finally, a judge may also ask that you file for Chapter 13 if the judge deems that you have enough assets to repay most of your debts. Additionally, a recently passed federal law also adds a layer of eligibility requirements.
Who is eligible to file for Chapter 7 Bankruptcy
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