There are so many things you have to worry about when trying to find proper debt relief. Will your source of debt relief require you to give up your property? Can you even qualify for certain debt relief? If thinking about solutions for your financial problems wasn’t hard enough, you still have to deal with your financial problems too. If you are considering filing for Chapter 7 bankruptcy, consulting a law firm handling bankruptcy is important because you need to know whether you qualify or not.
To qualify for Chapter 7 bankruptcy, you need to meet a certain income threshold according to the state and you have to take what is called a Means Test. A Means Test sees whether you meet the income qualifications and whether you can pay your creditors with your income. An experienced bankruptcy attorney can help you understand what goes into the Means Test and give you an idea of whether or not you may qualify for Chapter 7 bankruptcy.
How Do I Take a Means Test for Chapter 7 Bankruptcy?
Although the word ‘test’ has a very academic and standardized connotation, the Means Test is less of a literal examination and more of an assessment of where your income stands in relation to the debt you have. The Means Test is essentially two forms that you need to fill out that determines your current standing. The form consists of various basic questions about your information and income. The Means Test may have a similar structure to a tax form which can be confusing. Be sure to consult a bankruptcy attorney to go over what you’ll need for the Means Test.
Do I Have to Take a Means Test?
In most cases, you will be required to take the Means Test if you want to file for Chapter 7 bankruptcy. If you don’t take the Means Test then you may have to fill out a Statement of Exemption form. It is important to note that even if you don’t pass the Means Test, it doesn’t mean you can’t ever file for or be eligible for Chapter 7 bankruptcy again. You may need to go through a waiting period of at least 180 days before filing for Chapter 7 bankruptcy again. Consult with a bankruptcy attorney to see if you are required to take a Means Test so you can continue your Chapter 7 bankruptcy process.
How Can a Bankruptcy Attorney Help Me with a Means Test?
Chapter 7 bankruptcy can be critical for you if you are up to your head in debt. Israel & Gerity, PLLC understands your worry and stress and will do whatever it takes to make the bankruptcy process as easy as possible for you. Contact Israel & Gerity, PLLC at 602-274-4400 for a free consultation now.