Chapter 7 frees you from unsecured debts. The process only takes a few months. But the bankruptcy system will not allow a Chapter 7 if you will have significant disposable income after you stop paying unsecured debts. You will then need to file a Chapter 13 and pay at least some portion of debt in monthly payments.

"Do I qualify for a Chapter 7 bankruptcy?" has a simple, rule-of-thumb answer: If you do not have any money left at the end of the month, you probably qualify!

Qualifying for a Chapter 7 means that IF you stop paying your unsecured debts, and IF you use that extra money for normal living expenses, will you have money left that could pay your creditors part of what you owe. Usually the answer is "No." Of course if you already had to stop paying your debts and you do not have any money left at the end of the month, you should certainly qualify.

"Normal" living expenses include things you may have been putting off, like visits to the dentist or ophthalmologist, surgery, car repairs, home repairs, health insurance, life insurance, tax payments, etc. Most people who cannot pay their bills will qualify for a Chapter 7 bankruptcy.

If you do not have any money at the end of the month, it is time to change that!

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