Federal law sets eligibility requirements for both Chapter 7 and Chapter 13. These rules are very complicated and have resulted in a lot of misconceptions about bankruptcy eligibility. For example, many people believe that they are ineligible for Chapter 7 bankruptcy because they “make too much money.” That isn’t quite right. Eligibility Chapter 7 is determined by a complex formula called the “means test,” which takes into account your wages, debts, assets, family support obligations, and many other factors. Under the means test, it is possible for someone with a six-figure income to qualify for a Chapter 7. It all depends on your situation.