The Means Test
In order to qualify for bankruptcy, there are a few important requirements a person must meet, depending on the specifics of their financial situation. Chapter 7 bankruptcy has unique standards and in order to determine if a person is eligible for this type of support they must first pass the Means Test.
Anyone that is interested in potential bankruptcy options should discuss their questions and concerns with a qualified attorney. The legal team at the Law Offices of Stuart B. Handelman, P.C. is prepared to help understand your options regarding bankruptcy. Contact our offices at 815-722-2201 to review your case and discuss your situation with a knowledgeable lawyer today.
How the Means Test Works
Before a person is granted Chapter 7 bankruptcy, they must meet all of the requirements made standard in the Means Test. An eligible candidate will display considerable need compared to other in a similar situation. The Means Test:
- Considers the median income of the state compared to the income of the applicant
- Considers the average disposable monthly income of the applicant
- If the individual is above the median, they will be denied Chapter 7, but if they are below the median, they will be granted type of help.
There are many specifications that accompany a bankruptcy case and it is important to consult a knowledgeable attorney when preparing for your application.
At the Law Offices of Stuart B. Handelman, P.C., we are prepared to work with you to tackle any of your financial challenges. If you believe that Chapter 7 bankruptcy may be the right option for you, contact our offices at 815-722-2201 to discuss your rights with a knowledgeable attorney today.