Utah BK Lawyer
Every year the income standards for determining who can qualify for bankruptcy in Utah change based on several economic conditions including GDP, average income, inflation, and other factors. The income amounts are codified by federal law and are set forth in income tables. Currently those income figures are as follows:
As you can see from the table above, the cut off for an individual to be able to qualify for bankruptcy begins at $49,697. The more people in the family the higher the income can be to be able to qualify for bankruptcy protection. This is a threshold. Whether someone qualifies for bankruptcy protection is usually the first question that we have to answer when potential clients call in.
The income figures set forth above are included in what is called the Means Test, which is the basic test that must be passed to be able to file BK in Utah. If you qualify, we can help you get the fresh start you need to be able to liquidate your debts and get out from under the mountain of stress you have accumulated as a result of your financial situation. We are the bankruptcy law firm for the state of Utah.
What If You’re Above the Means Test?
Generally speaking, if you are above the means test a Chapter 7 BK may not be an option for you. If you make a little more money than the means test you may still be able to qualify for a Chapter 13 bankruptcy. Call our law firm at 801.618.1332 and we can give you a good idea of whether you can qualify for a Chapter 13 bankruptcy if you make too much money for a Chapter 7. Our experienced bankruptcy attorneys will work hard to clear your debts and help you make the transition to becoming financially free.