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.
Free Initial Consultations
There's no need to pay for a simple conversation! We provide immediate, 100% complimentary consultations to those who are interested in filing with us.
Convenient Office Locations in Southfield & Detroit
We have locations in both Southfield and Detroit for those who want to minimize their commute to visit their nearest office.
50+ Years of Combined Bankruptcy Law Experience
Our attorneys are experienced and knowledgeable in the field of bankruptcy law. Trust a seasoned bankruptcy attorney to handle your case.
Assisted 12,000+ Consumers with Their Debt
Debt affects everyone, rich or poor. We have helped thousands of clients through difficult financial times and we plan on helping thousands more.
Detroit Bankruptcy Blog
Stay updated with recent firm news and legal updates in our bankruptcy blog.Read More
Have questions about filing for bankruptcy? Check out our frequently asked questions for more information.Learn More
Why Hire a Bankruptcy Attorney?
Navigating bankruptcy can be confusing. Learn how hiring an attorney can help!Learn More