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It is, however, a legal procedure that can be used when individuals find themselves under extreme circumstances they can no longer survive. Ask your FFEF credit counselor about the options that may still be available to you before taking this legal action.
IRS Standards for the U.S. Trustee Program/ Department of Justice—Income
The table below shows the average household annual income stand- ards used in determining a consumer’s ability to repay debts under the revised bankruptcy law. Individuals earning above this amount are determined to be capable of repaying their debts, which means they can only qualify for a Chapter 13 bankruptcy. If your annual income is below this amount and you are repaying your debts, you should feel very good about yourself.
(Please note: This information was provided by the IRS for 2007. For the most current information visit http://www .usdoj .gov/ust/eo/ bapcpa/meanstesting .htm)
Things You Should Know About Bankruptcy