The requirements for filing for bankruptcy are not as stringent or difficult to fulfill as you may believe. This is due to the fact that this is intended to be a means of assisting those in financial distress, a means of resolving the crisis and continuing life. If the bankruptcy requirements were too stringent, it would be of no assistance.
The majority of individuals, including married couples, file for Chapter 7 bankruptcy. People will be able to have debts that they cannot pay wholly discharged while retaining their dignity and pride under Chapter 7. Once you file for Chapter 7 bankruptcy, you will no longer receive harassing phone calls, wage garnishments, debt collectors, or repossession actions. People are given time to assemble themselves and begin regaining control of their financial situations.
The primary concern was whether I qualify for bankruptcy. To determine your eligibility to petition for Chapter 7, you must take a pre-qualification test known as a """"means test"""". The test is neither difficult nor terrifying. It is a method for determining whether you have the financial resources to satisfy your current obligations. You need not stress about passing or failing; this is merely a means of gathering information.
The """"means test"""" averages your current and six-monthly earnings to determine your eligibility for government assistance. This displays your present monthly income rate. Then, you list all of your monthly expenses, such as rent or mortgage, and utilities such as water, gas, electricity, and sewage. You will also include the cost of transportation to and from your place of employment. You must also budget for food and apparel for yourself and your family.
Then, the exam takes into account the size of your family, your monthly expenditures, and your monthly income. The funds remaining after covering all necessary expenses are considered disposable income. This quantity of disposable income would be used to pay off your debts.
Because so many variables are involved, it is difficult to give a specific number or quantity of money that you are permitted to earn.
The simplest method to determine whether you qualify for Chapter 7 bankruptcy is to visit the websites where you can submit an application. These websites provide the means test to determine your eligibility, and you will receive the results within minutes. ""Take the time and go check it out for yourself; there is no charge.""
" - https://www.affordablecebu.com/
