Do I qualify for Chapter 7 Bankruptcy? One of the main factors in determining whether or not an individual qualifies for a Chapter 7 bankruptcy, is whether your household income is under the median family income amount.
For cases filed on or after November 1, 2017 in Michigan, the following are the median incomes by family size:
1 earner: $48,626
family size: 2 people: $59,541
family size: 3 people: $70,579
family size: 4 people: $87,070
for families in excess of four people, add $8,400 for each additional individual.
If your household income exceeds the aforementioned numbers, you may still qualify for a Chapter 7 bankruptcy. For more information, contact our office at (586) 264-3756.