Can I File For Chapter 7 Despite Having An Annual Income Of $1,000,000?
Call: 888-297-6203 It is possible for a debtor to file for a Chapter 7 bankruptcy despite an annual income of a million dollars, but they will have to pass all sorts of criteria mentioned in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed by Congress in 2005. The most common eligibility is to pass the Means Test. Under 11 USC § 707(b), the Means Test requires a debtor to prove that their gross income is less than the average income meant for their family size in their state. Most people ignore the first part of this [...]
