Means Test

Waco Means Test Lawyers

Evaluating Your Financial Situation

The Means Test must be completed in order to determine whether you qualify for Chapter 7 bankruptcy. This test will determine your current income and expenses, as well as your ability to repay your debts through a Chapter 13 bankruptcy repayment plan.

If you fail the Means Test, you will not be able to file for Chapter 7. You will, however, be able to file for Chapter 13 instead. Our Waco means test attorneys are backed by over 40 years of experience and can help you evaluate which chapter of bankruptcy you qualify for and can help you fully understand what options are available for your specific situation.

Schedule a consultation with our Waco means test lawyers by contacting us online or calling (254) 690-4110.

How Does the Means Test Determine Chapter 7 Eligibility?

The means test plays a critical role in determining Chapter 7 eligibility. It's a complex calculation that assesses your income, expenses, and debts to determine whether you have enough disposable income to repay your creditors. The test is primarily aimed at preventing abuse of Chapter 7 bankruptcy, which is designed for individuals who genuinely cannot afford to repay their debts.

Your income is compared to the median income for a household of your size in your state to assess eligibility. If your income is less than the median, you may be eligible for Chapter 7. If it is higher than the median, additional computations must be performed to account for permitted expenses and deductions. If you have very little disposable income after these deductions, you may still be eligible for Chapter 7. Otherwise, you may be advised to file for Chapter 13.

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What Our Clients Say

Real Stories from People We've Helped Through Financial Hardship

At Erin Baker Shank, P.C., your satisfaction is our priority! See for yourself what our clients have to say about working with us.

    “To anyone, military or civilian, who are needing a quality Bankruptcy attorney look no further than Erin B. Shank!! You'll be glad you did, I know I am!!”
    I shopped around for a Bankruptcy attorney who would listen to my needs. As I am a retired military member of the U.S. Army, the staff at Erin B Shanks Office were friendly, personable, and knowledgeable. From beginning to end, the staff at Erin B Shank makes the process painless and easy. They answered all my questions and helped me when I did encounter a problem.
    Aaron C.
    “I highly recommend her for anyone's bankruptcy needs as she never makes you feel ashamed for needing help.”
    Ms. Shank and her associates, particularly Sharlyn, are very professional and knowledgeable regarding bankruptcy law. Anytime we have had a question or concern, they have addressed it promptly and honestly. I chose Ms. Shank's office after watching her videos on her website. She struck me as an honest, caring person and I have found that to be the absolute truth. I cannot say enough good things about Ms. Shank and her associates.
    Lisa B.
    “Recommend this firm 100%”
    I'm very grateful to this firm. I had doubts of being able to get a fresh start. They assured me that there is a way. It may have took a little longer due to my situation but they prevailed.
    Ed B.
    “Thank you so much! We are extremely grateful for everything you’ve done for us.”
    Ms. Shank and Sharlyn were absolutely fantastic! Very helpful, and knowledgeable and answered any questions or concerns we had. They truly pulled off a miracle. If you’re thinking of filing for bankruptcy, Ms. Shank is the woman for the job.
    Monique K.
  • AVVO 9.1
  • AVVO client choice 2014
  • AVVO 9.6 bankruptcy
  • The College of the state bar of Texas
  • AVVO Reviews
  • Client Champion
  • AV Preeminent
  • Greater Waco Chamber

Contact a Means Test Lawyer in Waco

We recognize that navigating the means test can be difficult, but you don't have to go through it alone. Our specialized Waco Means Test Attorney has over 40 years of bankruptcy experience and is here to help you. We provide a completely safe and convenient virtual consultation, assuring your comfort and well-being. Because we believe in making great legal representation cheap, we offer affordable and flexible payment plans.

Erin Baker Shank, P.C. is solely dedicated to bankruptcy law, guaranteeing that you receive competent advice customized to your specific financial position. Allow us to guide you to a debt-free future. Contact us immediately to set up your appointment and begin your journey toward financial stability.

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