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

In Mississippi, you must qualify to file for bankruptcy under Chapter 7. To do this, you must pass the means test. The means test evaluates your finances and determines whether you can pay off any amount of your debts through a payment plan. In order to qualify for Chapter 7, you must have an income lower than the median income for the state of Mississippi. The median income is determined by the size of household. You may also qualify if you have a certain amount of disposable income available after paying for necessary expenses. Other factors to consider when deciding whether you qualify for Chapter 7 bankruptcy include the amount of current debt, total assets, whether you have filed for bankruptcy in the past eight years, and how much money you pay on secured debts, such as a car loan or mortgage. It is important to consult a bankruptcy attorney for assistance in determining whether you qualify for Chapter 7 bankruptcy in Mississippi. The attorney will assess your finances and provide you with advice on your best course of action.

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

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