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Situations that make you ineligible for Chapter 7

You may want to use Chapter 7 bankruptcy in New York, but that doesn't mean you're automatically eligible. You may have to choose another type, such as Chapter 13. The following are a few things that could mean you're ineligible.

1. You make too much money. To qualify, you typically have to make under the median income in New York. If you make more than that, your filing can be denied. There are situations in which those who make more than the median are eligible, but this is a good general rule to know.

2. You have the means to repay some of your debt. The court will look at what you make and your obligations—buying food or paying rent—and then see what is left over. If it appears that you have enough to make payments, you may be told to use Chapter 13.

3. You already used Chapter 7 bankruptcy. You can't file again unless it's been more than eight years since your previous filing.

4. You had a bankruptcy case that was already dismissed. At least 180 days must go by after the dismissal for you to file again.

5. You didn't go to credit counseling. You have to do this before you file. Forgetting to go—or refusing to go—makes you ineligible.

6. Fraud is suspected. If the court thinks you are trying to cheat the creditors out of their money—perhaps by hiding assets and declaring bankruptcy, for example—then your case will be thrown out.

To learn more about filing for bankruptcy and the legal steps that need to be taken, please check out our site right now.

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