How would I know I qualify for chapter 7 bankruptcy?

Fifth Grade Math ? what is the ratio of your total unsecured debt to your annual income? How much money do you have left in your budget after paying for necessary living expenses? If you paid everything left over in your budget that amount for the next five years, would you have paid more than 25% of your unsecured debt? If so, then you would not pass the GOOD FAITH test and would not be qualified to file Chapter 7. Fifth Grad Math is not easy, is it?

Normally, that is determined by taking all of your facts and circumstances to a bankruptcy practitioner who will be able, with them, to form an opinion as to whether or not you qualify for a chapter 7, or a chapter 13 bankruptcy and whether either would be in your best interest.

You speak with an attorney. There are many factors involved, and you really should get expert advice on it before you decide on a course of action. Most attorneys who specialize in bankruptcy will offer a free consultation, so there's really nothing to lose by speaking with one.