Since the new bankruptcy laws went into effect in 2005 we have been hearing a lot about the "means test." All this the means test is a way to determine if you are eligible to file for a Chapter 7 bankruptcy in your state. The test was implemented to prevent people who had a large amount of debt from trying to get out of paying their creditors by filing for a Chapter 7 liquidation versus a Chapter 13 repayment plan.
Many people think that the test is long and complicated, when in reality it is a lot simpler than lawyers let on. The main factor that the test looks at is your household income versus the average income for your area. Generally, if your household income is less than that of your area then your eligible for a Chapter 7 bankruptcy, if not then, in most cases, you will have to file for a Chapter 13 bankruptcy instead. Most people have no problem qualifying for a Chapter 7 bankruptcy, which is what the courts were aiming for when the test was created.
How Much Does Bankruptcy Cost, Best Bankruptcy Attorney, Finding Bankruptcy Lawyer,
For example, for a household of four people the average income in Las Vegas, NV (area code 89148) is roughly $71,000 per year, or just under $6,000 per month. To find out if you are eligible for a Chapter 7 bankruptcy you can use a free means test calculator.
However, just because you qualify for a Chapter 7 bankruptcy does not mean that it is right for you. If you have a lot of secured debts that would not be normally wiped out by a Chapter 7 bankruptcy, a Chapter 13 may be better for you. You should always consult with a licensed bankruptcy attorney before filing for any type of bankruptcy to avoid legal problems.
Bankruptcy Lawyers Rochester NY
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Lawyers Rochester NY
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment