Finances
When deciding whether or not to file Chapter 7 bankruptcy, the condition of your finances will be your first consideration. If you are delinquent on your car payment this month, you probably should not consider declaring bankruptcy. However, if you consistently pay your expenses late, something needs to change. Even if you pay your high-interest bills on time but are only able to make the minimum payment, you could be looking at a debt that you will have to pay for the remainder of your life. This is not the proper method to manage your finances. Constant creditor harassment, the prospect of foreclosure, wage garnishments, and the possibility of a lawsuit are additional indications that bankruptcy may be the best option.
Means Test
As part of determining whether you are eligible to file for Chapter 7 bankruptcy, the court will administer a means test, which is a method of determining your actual financial situation. You are not required to schedule an appointment with the courts in order to determine your status in relation to the means test. You can locate the calculator online, input the pertinent information (income, household size, and median income for your area), and estimate your eligibility with a high degree of accuracy. Obviously, you will be better off going through an attorney, who will be able to render a more accurate judgment.
Burden
You can run the calculations over and over, but at some point you must take a step back and assess the impact of your debt on your life. What emotional price do you pay for the privilege of repaying a credit card company? It is commendable to make every effort to satisfy one's financial obligations. However, there is a limit, and you must be realistic about it. Do not sacrifice your health in order to repay a debt that a corporation could care less about. If you must file for Chapter 7 bankruptcy, do so.""
" - https://www.affordablecebu.com/
