Who is eligible to file for Bankruptcy?

Any individual residing, domiciled, or owning property or a place of business in the United States may file Chapter 7. A company may also file a Chapter 7. The recent bankruptcy legislation incorporates a “means test” which evaluates income versus expenses to determine eligibility for Chapter 7 bankruptcy. At present, there are no prescribed lower or upper income thresholds or other income prerequisites or limitations for individuals whose unsecured debts primarily consists of non-consumer debts like investment liability, business losses, taxes, or student loans.