The Means Test and Chapter 7 Bankruptcy
If you feel as if your debts have reached uncontrollable proportions, Chapter 7 bankruptcy may be the best choice for you and your loved ones. Many people believe that filing for bankruptcy is an admission of financial failure, but it is actually meant to protect those who are facing severe financial hardship. In order to qualify for Chapter 7 bankruptcy, you must first take the means test, which evaluates the extent of your financial struggles.
At the Law Offices of Stuart B. Handelman, we are dedicated to helping our clients throughout the bankruptcy process so that they can escape the worst of their debts. Our Joliet Chapter 7 bankruptcy lawyers will help you with the Chapter 7 bankruptcy means test in order to secure the financial protection you deserve. Contact our offices today at 815-722-2201 to schedule your consultation and discuss your legal options.
Understanding the Means Test
Chapter 7 bankruptcy is a type of financial protection that is reserved for those who are in serious financial need. In order to determine if you are eligible for this form of bankruptcy, you must first pass the means test. The means test exists to perform the following:
- Assess the extent of your debt
- Determine your monthly income and disposable income
- Create a list of your asset
If the means test determines that you truly have severe debts, you can then proceed with your Chapter 7 bankruptcy filing process.
If you are facing serious financial difficulty, you need to take action to protect your remaining assets and your future. Fortunately, there is help. Contact the tenacious Joliet Chapter 7 means test attorneys of the Law Offices of Stuart B. Handelman today at 815-722-2201 for more information regarding the many ways we can assist you.