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What Is The Means Test?

Chapter 7 Bankruptcy Means Test

Declaring bankruptcy under Chapter 7 will result in a sweeping discharge of your debt within a few months of the date you file your petition, bringing about a significant change for the better in your life. You will not have to spend your days and nights worrying about how you will pay the bills, and you will be given a respite from the phone calls and threatening letters from your creditors. You will have more income available to enjoy today and invest in tomorrow. At the Law Offices of Marshall D. Schultz, we believe that everyone has a right to a second chance, and we are proud to have helped thousands of people in your position enjoy the benefits of bankruptcy.

Before you can proceed with a Chapter 7 petition, you must pass a means test. This form of bankruptcy offers such powerful protection against the claims of creditors that it could potentially be abused by unscrupulous individuals. The Federal Government has instituted a test to screen out applicants who do not truthfully require such a pervasive form of debt relief. Many debtors are wrongfully disqualified from filing under Chapter 7 after making mistakes in the calculations that are required for the means test, but you can seek to avoid such an outcome by working with a knowledgeable bankruptcy attorney from our firm.

Determine Your Eligibility

The means test looks at your aggregate monthly income over the past 5 years, minus certain expenses. If it is over a certain amount as compared to the average income in your area, you will be disqualified from proceeding. We have extensive familiarity with this test, and we can help you take advantage of allowances to reduce the figure that you report as your income. Even if this does not qualify you for Chapter 7, we will seek to move forward with a petition to file under Chapter 13.

Contact us today at (888) 822-6730  and begin reviewing your case with our bankruptcy attorney. 

“You have enabled me to be able to start something over in my life and for that I will be eternally grateful.”

- Audrey H.
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