Should I File Bankruptcy Quiz
Questions: 15 · 10 minutes
1. When you make regular payments, how much progress do they produce?
A substantial share reduces principal, so balances fall visibly.
Balances decline, but more slowly than I would prefer.
Most of the payment is absorbed by interest or fees.
Even with payments, interest, fees, or new borrowing cause balances to rise.
2. Suppose an essential, unexpected $500 expense arose this month. What would most likely happen?
I could use available savings or cash without missing another obligation.
I would adjust spending and likely catch up by the next billing cycle.
I would need to add debt or delay another bill.
I could not cover it without deepening existing arrears.
3. What step have you taken toward getting case-specific guidance?
I have not yet considered a source of professional guidance.
I have reviewed general information about bankruptcy and alternatives.
I have identified a qualified attorney or reputable nonprofit counselor to contact.
I have scheduled or completed a case-specific consultation.
4. Over roughly the past six months, what has happened to your total debt balance?
It has decreased at a meaningful pace.
It has stayed about the same.
It has risen despite my making payments.
It has risen while missed payments, penalties, or arrears have accumulated.
5. At your current payment pace, what does the path to paying off your debts look like?
The balances could realistically be cleared within about two years.
The balances could likely be cleared in roughly two to five years.
It would probably take more than five years, although balances are declining.
There is no clear endpoint because balances are flat or growing.
6. How complete is your current picture of debts, income, essential expenses, and major assets?
I have not yet assembled a reliable overview.
I have rough totals from memory or a few recent accounts.
I have most statements and can estimate the missing details.
I have organized, current records covering the main categories.
7. After paying for basic needs, how consistently can you cover the minimum payments on your debts?
I can cover them consistently without relying on new debt.
I usually cover them, but the margin is narrow.
I miss or delay some payments to cover others.
I routinely cannot cover the required minimums.
8. How is debt affecting your ability to pay for essentials such as housing, food, utilities, transportation, or healthcare?
It does not currently interfere with essential expenses.
It mainly limits optional plans or purchases.
I sometimes postpone essential purchases or bills because of debt.
It regularly threatens my ability to maintain one or more essentials.
9. Imagine you receive a collection lawsuit or foreclosure notice with a response date. Which response best matches your current preparedness?
I would first need to determine what the document means and where to seek help.
I know a few possible resources but have not verified whom to contact.
I know where to seek qualified help and would gather the notice and account records.
I have relevant records, contact information for qualified help, and a plan to respond before the stated deadline.
10. What has happened when you have tried to improve the situation through budgeting, added income, hardship plans, or payment negotiations?
Major changes have not been necessary because the current plan is working.
Modest adjustments appear sufficient to keep repayment moving.
Substantial efforts helped temporarily but did not create much lasting margin.
Sustained efforts or proposed plans still leave required payments unaffordable.
11. Which description best matches the collection activity you currently face?
My accounts are current, with no collection activity.
I receive occasional payment reminders that I can generally resolve.
I receive repeated late notices or collection contacts.
I face a lawsuit, garnishment, repossession, foreclosure process, or similar formal action.
12. After realistic reductions in nonessential spending, how does monthly income compare with essential costs and debt payments?
There is a dependable surplus.
There is a small but generally positive margin.
The budget is approximately break-even, with little room for disruption.
There is a recurring deficit even before optional spending.
13. How prepared are you to discuss bankruptcy's possible tradeoffs, including costs, credit effects, public court records, property rules, and debts that may remain?
I have not explored those tradeoffs yet.
I am aware there are consequences but do not know which apply to me.
I understand the main categories but still need case-specific clarification.
I have a focused list of tradeoff questions based on my circumstances.
14. If you met with an adviser tomorrow, how clearly could you explain what you want a debt solution to accomplish?
I mainly know that I want the immediate pressure to stop.
I can describe the short-term relief I need most.
I can compare several goals, such as affordability, asset retention, and timing.
I can identify my priorities, tradeoffs, and specific questions.
15. If your household income fell for two months, how would your debt payments be affected?
Savings or other stable resources could cover the temporary gap.
I could reduce flexible spending and remain mostly current.
I would need hardship arrangements, added debt, or delayed payments.
I am already unable to sustain payments at my current income.