The Means Test
Preparing for Chapter 7 Bankruptcy
Bankruptcy is a legal process that was designed to be a way out for individuals and
businesses burdened by overwhelming amounts of debt. Unfortunately, many
individuals may attempt to take advantage of the bankruptcy process in
order to make a profit. This defeats the purpose of bankruptcy and prevents
deserving individuals from receiving the help that they genuinely need.
In order to ensure that no one takes advantage of bankruptcy, anyone who
desires to file under
Chapter 7 must first take what is known as the "means test."
How the Means Test Works
The Chapter 7 means test subtracts an individual's monthly living expenses
and bills from his or her net monthly income in order to calculate the
individual's disposable income. Anyone whose disposable income is
lower than the state average passes the means test and can file for Chapter
Anyone who fails to pass the means test still has some form of steady income
and can either file for
Chapter 13 or repay their debts after obtaining credit counseling. If you are struggling
to make your monthly payments and are considering bankruptcy, a Fairfax
attorney can help you prepare for the test so that you can determine exactly
which type of bankruptcy is best for your circumstances.
Hire a Fairfax Means Test Lawyer
If you need to learn whether or not you are eligible for Chapter 7 bankruptcy,
Langone & Fasullo, PLLC can help you prepare for the means test. You
will need to provide detailed and accurate information about yourself,
your income, and your living expenses in order to get an accurate test
result. With help from a Fairfax bankruptcy attorney, you can have confidence
as you take the test.
Contact our firm as soon as possible to learn more through a
free case evaluation!