You can file Chapter 7 or Chapter 13 bankruptcy depending on your financial condition. Filing for bankruptcy has become harder following the introduction of the new federal bankruptcy laws. The new federal bankruptcy laws were introduced to minimize the number of bankruptcy filings.
As per the new bankruptcy laws, you have to take a Means test if you want to file Chapter 7 bankruptcy. When you take a means test, your income is compared to the median income of a household in the state in which you are residing. If it is found that your income is below the state median income, you qualify for Chapter 7 bankruptcy.
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