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Frequently Asked Questions (FAQ)

Can anyone file for bankruptcy?


Yes, but some restrictions do apply.

In 2005, the Bankruptcy Code was amended to impose additional requirements on anyone wishing to file a bankruptcy case. The new law now requires that debtors perform a “means test” to determine whether or not they are capable of paying back a portion of their debts. If a debtor qualifies under the means test, he, she or they may file under Chapter 7. However, if the debtor does not meet the means test’s standards, the debtor likely will have to file their case under Chapter 13 and pay back some portion of their debt. Note however, that the means test requirement will not apply to debtors whose debts are incurred primarily in the course of business.

Despite the new means test requirement, most individuals and couples will qualify to file bankruptcy under Chapter 7. See means test for a more in depth look at the new standards.

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