When you have been burdened by financial problems for a while, you finally begin to ask yourself; do I qualify for bankruptcy? You know you are in a place that financially seems impossible to fix, and you want to find some relief from the stress and anguish.
The qualifications for bankruptcy are not as hard to meet as you may have been led to believe. You will have to prove that you do not have sufficient means to pay your creditors by taking a "means test". The "means test" will allow you to determine if you are have the necessary bankruptcy qualifications.
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You can even take a sample means test online for free. The sample will ask you all the basic questions that need to be answered to determine your qualifications. Answering the question do I qualify for bankruptcy has become much easier with the internet access to online bankruptcy professionals.
The means test will first have you click on the appropriate answer as to why you are filing for bankruptcy. There are several different choices including divorce, illness, loss of income, disability, and other reasons a person might file. Just be honest there is no one judging you for having encountered a difficult time in your life.
Next you will estimate the amount of debt you have, and what kind of debt it is. You will click on the types of debt you have such as car loans, student loans, credit cards, medical bills, mortgages, and personal loans. It will ask you if you do have a mortgage are you behind in your payments. Then it will want to know if you have an auto loan, and if you are behind on that loan.
Next you have to click on the type of income you receive, like from a full-time job, a part-time job, child support, alimony, or other means of income. Then you will type in the amount of income you have each month.
You will then have to decide how much it costs you to pay your monthly priorities. These include your cost for housing, the cost for transportation, your food, utilities, insurance that is required by law, and medical if you have monthly medicines you have to take.
You will have to answer a couple of questions about property you own. Like whether or not you may have some property that is worth more than $1000.00 dollars that you could sell to raise money.
The calculator adds up what your income is, then it subtracts the amount you have to pay for your priorities in life, and the remaining amount is considered to be your disposable income. This is the amount you would have to pay your other bills with. Most people who are considering filing for chapter 7 have very little, or no disposable income. That is why you are considering the qualifications for bankruptcy.
It really is free and simple to go online to one of the bankruptcy sites and take the test to set your mind at ease. You can even find out a lot more about how to file, and if you want you can speak to a bankruptcy attorney.
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