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  1. #1
    Join Date
    Nov 2008
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    4

    Default Do I Qualify for Chapter 7 Bankruptcy

    My question involves bankruptcy in the state of: NC

    I have run into some financial hard times and I know that there have been changes made to the bankruptcy laws.

    My question is do I qualify for a chapter 7? I have heard about the means test and also the state median income. I am not sure what the state median income is for NC but, I earn between 50 and 60k yearly. I am also the only person in the household. I was told that I don't qualify for 7 and that 13 is what I need to do...

    If go 13, I will loose one house and credit cards, downsize back into my rental property, keep my car, motorcycle and have a mortgage that is $600 a month less than what I am paying currently.

  2. #2
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: Do I Qualify for Chapter 7 Bankruptcy

    We don't know if you qualify for 7 or not...this site has great information that you should research....try here:
    http://www.expertlaw.com/library/ban...ankruptcy.html

  3. #3
    Join Date
    Nov 2008
    Posts
    4

    Default Re: Do I Qualify for Chapter 7 Bankruptcy

    Well, I just really wanted to know what the median income is for NC. I have not been able to find that.

  4. #4
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: Do I Qualify for Chapter 7 Bankruptcy

    Quote Quoting axl_rose
    View Post
    Well, I just really wanted to know what the median income is for NC. I have not been able to find that.
    I found this...
    For North Carolina, for cases filed after February 1, 2008, the median income for a single wage earner is $36,271; for a family of two, it is $49,259; for three, $55,498; and for four, $63,169. Add $6,900 for each individual in excess of 4.
    so it does not look like you qualify for ch 7.

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