Alabama Application for Waiver of the Chapter 7 Filing Fee
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How to fill out Application For Waiver Of The Chapter 7 Filing Fee?
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FAQ
A chapter 13 bankruptcy is also called a ?wage earner's plan? and allows the debtor to keep property and pay all or part of his debts over time, usually three to five years. An individual who is self-employed or operating an unincorporated business is also eligible for chapter 13.
Each state has a different dollar amount as a threshold for qualifying under the means test. In the State of Alabama: If you are single, live alone, and earn less than $39,768 per year ? you automatically qualify under the means test to file for Chapter 7 bankruptcy protection.
This formula takes a look at the amount of disposable income compared to the level of unsecured debt. If the debtor's disposable income, projected for a five-year period, is more than 25 percent of the total unsecured debt, the debtor will likely be denied a Chapter 7 filing.
?There are ways to qualify for a Chapter 7 bankruptcy even if your income is higher than the state median for a family your size,? Latham said. ?For example, you can deduct eligible expenses, such as your mortgage, car payments, health and life insurance premiums, taxes, child care, and charitable contributions.?
This means if there is more than $15,000 (or $30,000 in a joint filing) of equity in a house, it cannot be kept when filing for bankruptcy. Equity is the value of the house minus the balance due on the mortgage or mortgages on the house. To qualify, the property must be your residence, and it can include a mobile home.
What happens to my property if I file Chapter 7? You can protect $7,500 in personal property and $15,000 in equity on your house and land. If you are married, you can protect $30,000 in equity on your house and land. You can also keep exempt money, which includes social security, SSI and earned income disregards.
Section 101(10A) of the Bankruptcy Code. This may include income and payments from some unexpected sources. As expected, all income from your employer is included?all gross wages or salary, as well as any tips, overtime, shift differentials, and commissions, WITHOUT subtracting any tax or other deductions.
You need to show the court that you cannot afford to pay the court fees because you do not have a job or do not make much money, and have expenses and debts that you have to pay to support yourself and your family.