In order to qualify for a Chapter 7 Bankruptcy, a debtor must meet certain eligibility requirements. First, a debtor may file for Chapter 7 Bankruptcy only once every eight years. Second, the debtor must pass the “Means Test” prior to qualifying for a Chapter 7 filing. Once filed, the court enters an Order for Relief, commonly known as, the Automatic Stay, which obligates all creditors and collection agencies to stop all collection efforts.
Tags: All Creditors, Bankruptcy Options, Chapter 13, Chapter 7 Bankruptcy, Collection Agencies, Collection Efforts, Debtor, Eligibility Requirements, File Bankruptcy, Means Test
