What is the "Means Test"?
The choice of Chapter 7 or Chapter 13 is a decision most Debtors
voluntarily make. However, in some cases the choice is made for the Debtor
through the results of the Bankruptcy "Means Test". This test was added by
Congress in 2005 to identify Debtors who can afford or have "the means" to pay
some of their unsecured debts (for instance, credit card debt) and encourage
repayment of these debts through a Chapter 13 repayment plan. Debtors
that do not "pass" Means Test are disqualified from filing Chapter 7 Bankruptcy.
Despite what you may have heard, many Debtors still qualify for Chapter 7 relief, despite
this additional hurdle. If someone doesn't qualify, Chapter 13 is still a
great option with powerful relief.
voluntarily make. However, in some cases the choice is made for the Debtor
through the results of the Bankruptcy "Means Test". This test was added by
Congress in 2005 to identify Debtors who can afford or have "the means" to pay
some of their unsecured debts (for instance, credit card debt) and encourage
repayment of these debts through a Chapter 13 repayment plan. Debtors
that do not "pass" Means Test are disqualified from filing Chapter 7 Bankruptcy.
Despite what you may have heard, many Debtors still qualify for Chapter 7 relief, despite
this additional hurdle. If someone doesn't qualify, Chapter 13 is still a
great option with powerful relief.
FAMILY SIZE: For the State of Maryland
1 EARNER $55,774
|
2 PEOPLE $74,493
|
3 PEOPLE $87,152
|
4 PEOPLE* $103,361
|
* The Means Test adds $7,500 for each individual in excess of 4.
DON'T WORRY! YOU LIKELY QUALIFY DESPITE THE MEANS TEST
Despite what you may have heard over the past few years, very few Debtors fail the Means Test. Many Debtors earn significant incomes
and still qualify for Chapter 7 Bankruptcy.
Many of my clients with secured debts, such as a house or vehicle, often pass the Means Test, as there is no extra money at the end of the month to pay unsecured creditors. Other factors that help support a Chapter 7 are child support payments, HOA dues, property taxes, and other necessary debts.
While it may appear that you don't qualify right now, don't give up. Let me review your situation for free and determine if you qualify.
AVOID THE PITFALLS OF THE MEANS TEST -- CALL ME TODAY
The Means Test is very complex and requires the expertise and knowledge of a Chapter 7 Bankruptcy attorney to properly evaluate your finances and determine your eligibility. To learn more about the Means Test and avoid the common pitfalls, please contact us at 443.990.1529.
I will diligently review your information and determine whether you can file a Chapter 7 case and receive a successful discharge of your debts. You may also contact my office through Email. The road to financial freedom starts here.
DON'T WORRY! YOU LIKELY QUALIFY DESPITE THE MEANS TEST
Despite what you may have heard over the past few years, very few Debtors fail the Means Test. Many Debtors earn significant incomes
and still qualify for Chapter 7 Bankruptcy.
Many of my clients with secured debts, such as a house or vehicle, often pass the Means Test, as there is no extra money at the end of the month to pay unsecured creditors. Other factors that help support a Chapter 7 are child support payments, HOA dues, property taxes, and other necessary debts.
While it may appear that you don't qualify right now, don't give up. Let me review your situation for free and determine if you qualify.
AVOID THE PITFALLS OF THE MEANS TEST -- CALL ME TODAY
The Means Test is very complex and requires the expertise and knowledge of a Chapter 7 Bankruptcy attorney to properly evaluate your finances and determine your eligibility. To learn more about the Means Test and avoid the common pitfalls, please contact us at 443.990.1529.
I will diligently review your information and determine whether you can file a Chapter 7 case and receive a successful discharge of your debts. You may also contact my office through Email. The road to financial freedom starts here.
