If you are considering bankruptcy, one of the first things you will need to do is take the bankruptcy means test.
This test will determine whether or not you qualify for Chapter 7 bankruptcy. In this article, we will discuss what the means test is, how it is administered, and what happens if you don’t pass it.
The bankruptcy means test is a two-part test that is used to determine whether or not you qualify for Chapter seven bankruptcy. The first part of the test looks at your income and expenses to see if you have enough disposable income to pay back your creditors.
If you do not have enough disposable income, you will need to file for Chapter thirteen bankruptcy.
The second part of the means test looks at your average monthly income over the past six months. If your average monthly income is less than the median income in your state, you will qualify for Chapter seven bankruptcy.
If your average monthly income is more than the median income in your state, you will need to take the second part of the means test.
To take the second part of the means test, you will need to fill out a form that includes your income and expenses. Once you have completed the form, a bankruptcy trustee will review it to see if you qualify for Chapter seven bankruptcy.
If you do not qualify for Chapter seven bankruptcy, you may still be able to file for Chapter thirteen bankruptcy.
If you don’t pass the means test, there are still options available to you. You may be able to file for Chapter thirteen bankruptcy. Chapter thirteen bankruptcies are typically used by people who have a regular income but are unable to repay their debts in full.
In a Chapter thirteen bankruptcy, you will be required to have a repayment plan that will last for three to five years. After you have made all of your payments under the repayment plan, any remaining debt will be discharged.
If you are considering bankruptcy, it is important that you speak with an experienced bankruptcy attorney. Contact a bankruptcy attorney in your area today to get started on your case.
When considering bankruptcy, one of the first things you will need to do is find a qualified bankruptcy attorney. An experienced attorney can help you determine which type of bankruptcy is right for you. Likewise, they will help you navigate the means test. Contact our bankruptcy attorneys today to get started on your case.
The bankruptcy means test can be complicated, but an experienced attorney can help you navigate it. If you don’t pass the means test, you may still be able to file for Chapter thirteen bankruptcy. Contact a bankruptcy attorney today to get started on your case.
If you are considering bankruptcy, it is important to speak with an experienced bankruptcy attorney. An attorney can help you understand the process and determine if bankruptcy is right for you.
If you are in the stressful situation of having to file for bankruptcy, remember that there are advantages. At Blue Bee Bankruptcy, our goal is to help people rebuild their lives after filing for bankruptcy.
Our attorneys are knowledgeable in chapter 7, chapter 11, and chapter 13. We can help you make the right filing decision for your unique case.
If you’re dealing with the potential of bankruptcy, give us a call. Our team will work to help you by reviewing all of the options our firm has available. We will ensure you’ll get the best possible outcome for your situation.
Get in touch today so we can start working on either halting bankruptcies or preventing them from taking place altogether!
Contact Us Today For Help! You can schedule your free consultation online or call us at (801) 285-098.
