66 East Main Street, 3rd Floor
Little Falls, NJ 07424

No Income Limits to Qualify for Bankruptcy Protection

Income limits bankruptcy protection; free bankruptcy consult

No income limits to qualify or file for bankruptcy protection.    As a bankruptcy lawyer,  clients frequently ask questions related to income limitations during my free bankruptcy consult.

Common misconceptions about income limitations related to bankruptcy are:

Bankruptcy is only for the unemployed


I earn way too much to qualify for bankruptcy protection”.

The truth is you cannot earn too much to be ineligible to file bankruptcy.   In fact, in a bankruptcy reorganization for individuals (Chapter 13), there is a requirement that debtors have sufficient income to cover his/her basic living expenses.

Most of my clients are employed.  Many of my clients have high incomes yet still qualify for bankruptcy.     By high incomes, I mean $100,000 to $200,000 per year.  One of my clients actually earns over $300,000 per year.

How is it possible to earn a high income and still qualify for bankruptcy?

There are several bankruptcy chapters of the bankruptcy code available to accomplish different goals.   However, each bankruptcy chapter has different requirements.

Under the right circumstances, clients save more money in a reorganization than they would in a liquidation (Chapter 7 Bankruptcy).  In other words, they save more money by paying some back to creditors than they would if they paid back nothing, e.g. filing Chapter 13 bankruptcy.   I go over these scenarios with you when we meet.   I am here to help you and provide you with expert legal bankruptcy advice.

The reasons for filing bankruptcy vary amongst my clients.   Also, there are many scenarios by which someone can file for bankruptcy.  There are different types of bankruptcies.   However, there is no income limit to qualify for bankruptcy.

It is essential that I meet with you (I offer free bankruptcy consultations with zero obligation).    Your specific questions, situation, and goals are discussed.   I match your situation to the proper financial solution.   There are no income limits to file for bankruptcy protection.  However, I analyze your income for the best bankruptcy protection.

Call me:   Ralph A. Ferro, Jr., Esq. (201) 446-5904 for a free zero obligation bankruptcy consult.    I meet with you to review what is best in your particular financial situation.