Do I Make Too Much Money To File Bankruptcy?

The short answer to that question is “NO”.  If you’ve gotten to the point that you’re asking that question, it’s not how much money you’re making, but how much debt you’re carrying and how much your bills are.  If each month you find that your bills and expenses far exceed your income, there are several things you should do.  First, put together a list of all your expenses each month, and then rank them in order of importance.  For example, paying for rent/mortgage and heat are rank higher than going to a movie.  This isn’t easy but it needs to be done.

With that said, if you find that at the end of your necessary expenses there’s money left over for paying back credit cards or medical debts, then it’s time to think about paying those down.  However, if you discover that there’s not enough left over to live on, you’re entire paycheck is getting eaten by bills and you’re not making much of a dent in your bills, now we need to discuss bankruptcy options.

So back to the question that started this, “Do I make too much money to file bankruptcy?”  Well you may make too much money to easily file a Chapter 7 bankruptcy.  To file a easily file a Chapter 7, you need to have an annual income that passes the means test.  The Means Test is basically the median income for your household size in your area of the country.  In Ohio you need an annual income of no more than $41,946 for a single person household to pass the means test.  For a 4-person household you need an income of no more $72,764 to pass the means test.  If you make more than that you can still qualify for bankruptcy protection due to additional calculations and rules that we cover in representing you.

Even if you don’t pass the means test at the end of the day we can still seek bankruptcy protection for you through a Chapter 13 bankruptcy!

So whether you make more or less than the median income, we can assist you in determining whether bankruptcy is right for you.  Call (937) 435-9999 or complete the form on this page for you FREE Initial Consultation. 


Erik R. Blaine, Esq.

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