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If you earn less than the median California income for a household of similar size, then you qualify for Chapter 7 bankruptcy. If you earn more than the median California income, you use the means test to determine whether you qualify to file bankruptcy under Chapter 7.

Most people prefer Chapter 7 bankruptcy because, unlike Chapter 13 bankruptcy, it doesn't require you to repay a portion of your debt to creditors. In Chapter 13 bankruptcy, you must pay your creditors all of your disposable income?the amount remaining after allowed monthly expenses?for three to five years.

You'll disclose all aspects of your finances on official bankruptcy forms. Once completed, the average bankruptcy petition, including schedules and other required documents, will be between 35 and 50 pages.

If you can't afford to save up the filing fee or make the installment payments, you can file an application for the court to waive your fee. Your household income must be less than 150% of the poverty guidelines to qualify. Check the Mississippi Fee Waiver Eligibility table below to see if you're eligible.

To determine your Chapter 7 bankruptcy income limit, add the last six months of your gross income ? this is what you earned before taxes and other deductions were taken out. Divide that number by six. While that may seem like a waste of time ? why not just take one month instead of adding six, then dividing by six?

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.