Means Test for Chapter 7 Bankruptcy
Baltimore Bankruptcy Attorney
If you have decided that it is time to file for bankruptcy but don’t know if you can file for
Chapter 7 bankruptcy protection
because of the Means Test, an attorney may be able to help. At the Aylward Law Firm a
Baltimore bankruptcy lawyer
with over 22 years experience has helped clients with the Means Test and file for Chapter 7 bankruptcy. If you are overrun by bills and mountains of debt you do have options. The Means Test, like much of U.S. bankruptcy law, is a complicated procedure. Don’t write yourself off as not being able to get a Chapter 7 because you think you will fail the Means Test. Bankruptcy Attorney Jillian Aylward has helped clients pass the Means Test when they thought there was no way they would qualify. The skilled legal team at the firm has helped many people achieve a brighter financial future that they didn’t think was possible.
What the Means Test Determines
The purpose of the Means Test is to determine if someone would be able to do a payment plan to pay back debt (under a
Chapter 13 bankruptcy
) or if he or she should file for Chapter 7 bankruptcy. To decide this, the last 6 months of household income is used in calculations to compare to the Maryland State median income. Also taken into consideration is your income to expenses ratio, how many dependants or other family members are in your home, etc. Even if your monthly income is high, if you also have a large amount of expenses every month leaving very little disposable income you may pass the Means Test. It is vital that you have the help of a Baltimore bankruptcy attorney to make sure all options in your favor are taken into account!
Contact us
to speak with an experienced Baltimore bankruptcy lawyer about the Means Test if you are considering filing for bankruptcy.
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