
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.
What Sets Us Apart
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Practice Exclusively Dedicated to Bankruptcy Law
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Affordable & Flexible Payment Plans
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Over 40 years of Bankruptcy Experience
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100% Virtual – Safe & Convenient
Listen to Erin Answer Your Questions!
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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.
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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.
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A grumpy company decided not to negotiate a reduced settlement like the other 5 companies did, this caused us to be forced into choosing a lawyer for filing bankruptcy. My wife and I are extremely pleased with our wonderful Lawyer and her staff. Erin B Shank and her team handled the process with little hardship to us, they made processing the mountain of paperwork seem so simple. The resulting discharge of our debts lifted a heavy weight from our shoulders. If you find yourselves in need of a Lawyer Erin and her team are the best I have dealt with.Michael S.
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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.
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“The staff and Erin were great. I would recommend Erin to anyone. Compared to our other law firm she saved us 10's of thousands of dollars on our bankruptcy Erin is the best we don't think we could have done it without her.”Previous Client

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