Who is eligible to file for personal bankruptcy?

Who is eligible to file for personal bankruptcy?

Janet Bodnar (Deputy Editor, Kiplinger’s Personal Finance) gives expert video advice on: Who is eligible to file for personal bankruptcy?; How do I file for bankruptcy?; How long will filing for bankruptcy impact my credit rating? and more...

Any individual is eligible to file for personal bankruptcy. One thing you need to be aware of though, is that in order to get relief under Chapter 7, which is to get all of your debts forgiven, you do have to meet an income standard. If you exceed this income standard, then you're going to have to file under Chapter 13 bankruptcy, which means there's going to be some sort of a repayment made. Other than that, anyone is eligible to file for bankruptcy.