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Do You Qualify for Chapter 7 Bankruptcy?

When radical changes in the bankruptcy law were implemented in 2005, a new urban legend was born to the effect that almost no one could file for Chapter 7 bankruptcy anymore. Not true. In fact, pretty much anybody who could file before 2005 can file now.

To qualify for Chapter 7 bankruptcy, you must pass either the income test or the means test. Here is how they work.