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DO I QUALIFY FOR A CHAPTER 7?

Income and Family Size; The Two Main Factors in Eligibility


The first thing to determine if you are eligible for a Chapter 7 in New Mexico is to use the Department of Justice standards for median income.  Below are the current figures for filings after April 1, 2014.






















If an individual’s numbers are at or below the table numbers above, you most likely qualify for a Chapter 7 in New Mexico. If an individual’s numbers are above the median income, it is important to have an experienced attorney who can argue the “means test” numbers and still have the case eligible for the Chapter 7 New Mexico bankruptcy.  Many debts and circumstances are able to be taken into account and classified as valid deducted from the individual’s “income” to give a new income level that will qualify for all the benefits of a chapter 7 case.


Family Size

Median Income

1

$39,484

2

$50,264

3

$51,288

4

$55,992

5

$64,092

6

$72,192

7

$80,292


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GENERAL INFORMATION