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 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.
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.
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 B. Shank 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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