Here's Who We Are

We're Fund Virtually Everything

We fund business owners nationwide, regardless of industry, credit, or time in business. We fund it all.

Apply Now

We Provide Multiple Options

We have a lot of different financing options available to our clients. Regardless of your situation, we’ll have a solution for you.

Fast Approval

Our application process is completely online. You can get funds in your bank account in literally 24 hours.

The Working Capital You Need In 24 Hours.

We get you funding. It's that simple. Regardless of credit, income, or time in business - we'll fund you.


Use our online form or call toll-free anytime to get started. There's no cost, and the application takes only three minutes.


Receive application approval in as little as 24 hours. There is no credit check required.

Receive Funds

Review and return your signed agreement and get your money in as little as 24 hours.

Recent Business Loans Funded

100K Term Loan

Ambulance Service

Our client bought a new ambulance.
2019 - June
55K Advance

Truck Funded

Our client used the funds to hire new team members.
2019 - February
85K Term Loan

Restaurant Funded

Our client used the funds for restaurant equipment.
2019 - May

Get a Decision in as Little As 30 Seconds

We’re Fast. We Help Regardless of Credit. WE HAVE A SOLUTION FOR YOU.

Apply Online

We have a completely online application process, which is simple and easy.

Get Offers

We'll match you with the best loan offers we have that are financially responsible.

Get Funded Quickly

We'll fund you the same day you accept our offer.

How Delancey Street Works

Fill Out Our Application

Answer basic questions about yourself and fill out our entirely online application. Each loan has its own online process.

Meet Your Concierge

We'll pair you with an experienced Delancey Street specialist who will reach out to you, and understand your needs. We'll try to determine which financial product is right for you.

Compare Our Loan Offers

We give you a few different loan offers based on your scenario and what options you qualify for.

Choose Your Loan

Once you've chosen a loan that works for you, we finalize it and start getting the documents needed.

Get Funded

Once we get all of the documents back, we'll get you funded ASAP.

We Help You Grow

After you get funded, your Delancey Street concierge specialist will keep in touch to make sure you're happy and doing well.

Business Loans

Get business loans ranging from 3 months to 18 months
No credit score requirement, we have a program for everyone
We can fund up to $5 million in virtually 24 hours

How to Check If You Qualify for Chapter 7 Bankruptcy



How to Check If You Qualify for Chapter 7 Bankruptcy

Figuring out if you can file for Chapter 7 bankruptcy can be confusing. There’s a lot of legal mumbo-jumbo involved. But don’t worry – this article will explain the basics in simple terms so you can understand if you might qualify.

First off, what is Chapter 7 bankruptcy? It’s a type of bankruptcy where your assets get liquidated to pay off as much debt as possible. Any remaining debt gets discharged, meaning you don’t have to pay it back. It’s basically a fresh start financially.

Now, not just anyone can file for Chapter 7. There are a few hoops you have to jump through first. The main one is the means test. Let’s break that down:

The Chapter 7 Means Test

The means test looks at your income and compares it to the median income for your state. If your income is lower, you pass the means test and can likely file for Chapter 7.

Here’s how it works step-by-step:

  1. Calculate your current monthly income. This is your average monthly income over the past 6 months.
  2. Find the median income for your state based on your household size. There are published tables you can reference.
  3. Compare your current monthly income to the median. If yours is lower, you pass the means test!

Pretty simple right? Now let’s look at some examples:

  • John is single and makes $3,000 per month. The median income for a 1-person household in his state is $5,000. Since John’s income is lower, he passes the means test.
  • Mary is married with 2 kids and makes $4,500 per month. The median for a 4-person household is $6,000 in her state. Mary also passes the test.
  • Bob is single and earns $6,000 per month. The 1-person median is $5,000. Bob makes too much so he fails the means test.

In that last example, Bob may have to file for Chapter 13 bankruptcy instead, where he’d setup a repayment plan. But we’ll save that for another article!

Other Chapter 7 Qualifications

Passing the means test is the big one, but there are a few other hoops you may need to jump through:

  • You can’t have filed Chapter 7 bankruptcy in the past 8 years
  • You have to take a credit counseling course first
  • Your debts can’t be from things like taxes or student loans
  • You have to pass the court’s background check

Those are the basics, but every case is unique. There may be other factors that come into play for your specific situation.

How to Check Your Eligibility

If you want to get a good idea if you pre-qualify for Chapter 7, here are some tips:

  1. Calculate your current monthly income and compare to median
  2. Make sure you haven’t filed Chapter 7 recently
  3. Take a credit counseling course (required anyway)
  4. Review your debts and make sure they are dischargeable
  5. Check if you have enough assets to liquidate

Doing that homework upfront can give you a good sense if you may qualify. But for a definitive answer, you’ll want to consult a bankruptcy attorney.

An experienced lawyer can look at the specifics and let you know if Chapter 7 is your best option. They’ll also walk you through the process if you do qualify.

The Chapter 7 Filing Process

If you determine you are eligible and want to move forward, here is the basic process:

  1. File petition and forms with the bankruptcy court
  2. Complete credit counseling course
  3. Attend meeting with creditors and trustee
  4. Liquidate non-exempt assets to pay creditors
  5. Get discharge of remaining eligible debt
  6. Deal with any objections if creditors contest discharge

Having an attorney to guide you through makes a huge difference. They know all the forms, rules, and potential snags.

The Pros and Cons of Filing Chapter 7

Like any major decision, filing for Chapter 7 bankruptcy has both advantages and drawbacks. Let’s look at a quick pros/cons list:


  • Get rid of most unsecured debt
  • Stop wage garnishments and lawsuits
  • Pause foreclosures and repossessions
  • Get a fresh start financially


  • Damages your credit for years
  • May have to liquidate assets and property
  • Doesn’t discharge some debts like student loans
  • May be challenged by creditors

As you can see, bankruptcy comes with some big trade-offs. It’s not an easy way out, but it can give you a chance to reset your financial life if you qualify.

Alternatives to Chapter 7 Bankruptcy

If you don’t qualify for Chapter 7, or want to avoid bankruptcy altogether, there are alternatives to consider:

  • Credit counseling to negotiate with creditors
  • Debt consolidation loan to lower payments
  • Debt settlement to negotiate lump payoffs
  • Chapter 13 bankruptcy repayment plan

Each option has pros and cons too. A credit counselor can walk you through the different choices.

The Bottom Line

Checking your eligibility for Chapter 7 bankruptcy is the first step. From there, you can decide if it’s the right path or if you should consider other options.

While the process is complex, the basic Chapter 7 qualifications come down to passing the means test and meeting a few other requirements. If you do qualify, an attorney can guide you through the process.

Bankruptcy is a big decision with long term impacts. Evaluate all your options carefully and seek professional advice. But if you’re struggling with overwhelming debt, Chapter 7 may provide the fresh start you need.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
$125,000 Small Business Loan
"Thanks for funding me in literally 24 hours"
$35,000 Lawsuit Advance
"Great choice for first time fix and flippers"
$250,000 Hard money Loan

In The Media

Delancey Street CEO discusses ways to reward employees
Delancey Street CEO discusses the benefits of franchising on Forbes.
Delancey Street CEO discusses management on AMEX.
Get Out of Debt
Credit Card Debt Relief
Marital Debt Relief

Managing Marital Debt: Strategies for Financial Freedom Marriage can be…

Private Student Loan Debt Relief

Managing Private Student Loan Debt: Options for Relief Private student…

Veteran Debt Relief

Helping Veterans Find Financial Freedom Being a veteran comes with…

Delancey Street understands funding like no one else!
Steven Norris
Get Funding Today

Ready To Get Started?

If you have questions, feel free to shoot us an email, or fill out our live chat.

Apply Now