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Richmond Virginia Bankruptcy Law Blog

How income affects a person's eligibility for bankruptcy

People in Virginia who are drowning in debt may have a number of options, depending on their situation. However, if every bill comes with stress over how it can be paid, if collection agencies are calling daily requesting payment or if wages are being garnished, the fastest and most effective route to relief may be Chapter 7 bankruptcy.

The U.S. Bankruptcy Court explains that there is not a maximum amount of debt that can be erased through bankruptcy. There is an income limit, though. The court uses a means test to determine if a person qualifies to file Chapter 7. If a person makes less than the state's median income, he or she is eligible. A person whose income totals more than that amount will have to show that there is not enough money left over after paying expenses such as food and rent to pay the debts. 

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