In filing for Chapter 7 bankruptcy, the
“where” aspect of the petition is definitely not to be overlooked.
Applicant parties must submit formal requests to the bankruptcy court with jurisdiction. However, before even concerning oneself with how to file
for Chapter 7 bankruptcy, a person contemplating such measures should see that
The means test may be a critical determinant
to see if individual debtors and insolvent corporations may legally petition
for Chapter 7 bankruptcy. Especially with regard
to the former, if one’s monthly income over the past five years exceeds the
median salary of the working population in the United States and/or regularly
adjusted dollar amounts (currently at a rate slightly over $10,000), they may
be charged with an abusive petition. Imaginably, such an accusation is by no
means a light matter. Therefore, prior to filing for
Chapter 7 bankruptcy, prospective petitioners are advised to consult with a
credit counselor as well as a bankruptcy attorney.
Another logistical point of concern
with how to file for Chapter 7 bankruptcy is how to prepare for the
inevitable creditors’ meeting mediated by the trustee.