Kiplinger’s Personal Finance: When is personal bankruptcy the right solution? | Business News

Kiplinger's Personal Finance: When is personal bankruptcy the right solution?  |  Business News

While Chapter 7 offers the possibility of a fresh start, it also has a bigger impact on your assets. Additionally, not everyone is eligible for Chapter 7.

A lawyer will determine if you qualify based on your state’s household income requirements, which vary widely. For example, in California, a family of four with a gross annual income of less than $ 101,315 qualifies for Chapter 7. In Arizona, a family of four must earn less than $ 86,950.

Your lawyer will also analyze other aspects of your financial life to determine if Chapter 7 is the best course for you.

Chapter 7 may not be the best if you are a homeowner who has great home equity because you might lose your…

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