Best Bankruptcy Lawyers near Meriden, CT

Who Qualifies for Chapter 7 Bankruptcy in Connecticut? A Comprehensive Guide Bankruptcy is often considered a daunting, complicated process. However, it can be the saving grace for individuals who find themselves in overwhelming financial distress. Chapter 7 bankruptcy is designed to provide a fresh start for those who are unable to repay their debts. But, who qualifies for chapter 7 bankruptcy in Connecticut? At Grafstein & Arcaro, LLC, we assist Connecticut residents with their chapter 7 bankruptcies. In this comprehensive guide, we’ll break down the qualifications for chapter 7 bankruptcy in Connecticut, so you can determine if it’s the right solution for your financial situation. To qualify for chapter 7 bankruptcy, you must pass a means test. The means test is used to determine if your income is low enough to allow you to file for chapter 7 bankruptcy. If your income is too high, you may be required to file for chapter 13 bankruptcy instead. In Connecticut, the income threshold for a single individual is $64,739, while it’s $85,654 for a couple. If you earn below these thresholds, you may be eligible to file for chapter 7 bankruptcy. Additionally, you must undergo credit counseling before filing for bankruptcy. This is to ensure you’re fully aware of your financial situation and understand all of your options for debt relief. The credit counseling session can be completed online or over the phone and typically takes about an hour to complete.