Posted on: 10th Feb, 2009 06:13 pm
do you have to make under 31,000 in the last 6 months to file bankrupcy
it depends on the state you live in. for filing bankruptcy, your average gross income for the last six months should be less that the median income of the state if you are to file chapter 7 bankruptcy. if it is more than the median income of the state, you need to calculate the net disposable income (income after payment of taxes, utility bill payments, and other payments) for the next five years i.e, you need to multiply your disposable income by 60. if it is less than $6000 in 5 years you can file chapter 7. if your total disposable income in 5 years is between $6000 and $10000, you need to calculate your total unsecured debt. if the total disposable income for this 5 year period exceeds 25% of unsecured debt, you need to file chapter 13.