How do I know if I qualify for a Chapter 7 bankruptcy?

In order to qualify for a Chapter 7 bankruptcy in Maryland, you must first pass the "means" test. The means test is an evaluation of your current income and expenses. It is used to decide if you financially qualify for a Chapter 7. In order to pass the means test, you must make an income that falls below the state median income level for a household of your size. To find out what this income level is, you can look at the means test calculator on the United States Bankruptcy Court website. This calculator will compare your income to the median income level for a household of your size. If your income is below that level, you may qualify for a Chapter 7 bankruptcy. You may also qualify for a Chapter 7 bankruptcy if you can demonstrate that your expenses exceed your income. You will need to provide evidence of your expenses in order to do this. Examples of evidence may include your rent or mortgage payments, car payments, credit card bills, and more. In conclusion, if you would like to find out if qualify for a Chapter 7 bankruptcy in Maryland, you can use the means test calculator to compare your income to the state median income level for a household of your size. If your income is below this level, you may qualify. Alternatively, if you can demonstrate that your expenses exceed your income, you may also qualify for this type of bankruptcy.

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How do I know if I qualify for a Chapter 7 bankruptcy?

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