If you are struggling against a wall of debt, an experienced bankruptcy attorney might be able to help you toward a fresh start and a more stable financial future. The most common type of bankruptcy filing for individuals is Chapter 7. In order to qualify, though, you need to pass a means test.
The New Jersey means test attorneys at Scura, Mealey, Wigfield & Heyer, LLP, have helped numerous clients eliminate debt and start rebuilding their financial life. To be eligible for Chapter 7 in the eyes of the government, an individual must pass a means test. This test basically examines your income and assets to determine eligibility. Even if you do not qualify for Chapter 7 bankruptcy by virtue of the means test, you still might qualify to receive debt relief through filing Chapter 13 bankruptcy.
Chapter 7 Means Test Attorney
In 2005, Congress made sweeping changes to the Bankruptcy Code. One of these changes included the addition of the bankruptcy means test as a way to qualify individuals for Chapter 7. The means test compares your household income to the median income of similar-sized families in the same region. If your income is below the median, you are eligible for debt relief under Chapter 7. Keep in mind that if your income is below the median income level for your area based upon your household size, then no means testing is necessary; thus, you would be eligible for a Chapter 7 bankruptcy. If you are over the median income level, then you have to go through the means test to determine if you are eligible. If your debt is primarily business debt (more than half), the median income levels and means testing analysis would not be applicable in your situation.
As soon as you begin to consider filing for bankruptcy as a viable option for your financial future, it is important to consult with a skilled lawyer. The sooner we can examine your finances, the sooner we can put you on the path toward financial freedom.
Contact Our Firm
If you have questions about the Chapter 7 means test, do not hesitate to schedule a free consultation with an attorney at Scura, Mealey, Wigfield & Heyer, LLP. Our bankruptcy attorneys can examine your financial situation and provide valuable legal advice and representation no matter how complex your question.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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