A: Any individual or corporate entity (with some exceptions) may file for chapter 7 protection, regardless of the amount of debt of the debtor. For an individual, if the debt is mainly consumer debt, the new Code would require us to check your average monthly income against that of the average monthly income for a family of the same size in the same county. If you make too much money, you may not qualify for a chapter 7 and would need to look at a chapter 13. An individual with debts that are 51% non-consumer (i.e. business related) does not have to "pass" the new Code's "Means Test" as to their income. An average chapter 7 lasts 3-4 months and will result in your unsecure debts being "discharged" (absolved) by the court; additionally, if you are current on your home and vehicles you can generally keeps these and continue to make monthly payments directly to the lien holder.
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