Chapter 7 Bankruptcy Do You Qualify? How is Eligibility Determined?


In October 2010, six-time Grammy Award winner Toni Braxton filed for bankruptcy a second time. In her Chapter 7 bankruptcy petition, Braxton claimed debts of between $10 million and $50 million, which grew even worse when a heart condition -- diagnosed as microvascular angina -- forced her to cancel a series of Las Vegas shows in 2008.

The United States Trustee, after reviewing her petition, filed a document in Bankruptcy Court asserting that Braxton's filing is presumed to be an "abuse of the bankruptcy process" because she did not file paperwork showing the results of the required "means test".

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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