Bankruptcy Means Test
Pueblo and Colorado Springs Bankruptcy Attorney
- Do you have questions about qualifying for Chapter 7 bankruptcy?
- Are you concerned about the Means Test?
- Have you reached the point of wanting help with your financial situation?
In the past several years, new laws have been enacted to reform the bankruptcy processes in our country. Part of the new laws state that in order to qualify for Chapter 7 bankruptcy, an individual, couple or business must pass what is called the Means Test. This is a complicated formula that determines a party's ability to repay their debts.
At the law offices of John A. McLaughlin Jr., P.C., our firm is well-versed in the language of the new bankruptcy laws. The laws are structured to allow people to still qualify for bankruptcy, much to the surprise of people who believe that they would no longer qualify under the new laws.
The Means Test is complex, with various numbers being entered into a formula. Many attorneys do not even understand how it is calculated. However, our firm can help you understand the Means Test and how it applies in your situation.
Passing the Means Test
If it is determined that you have passed the Means Test, you will be able to work with us at the law offices of John A. McLaughlin Jr., P.C., to file for Chapter 7 bankruptcy. We have extensive experience handling these cases and can walk you through the process.
Alternatives to Chapter 7
If you do not pass the Means Test, you may still qualify for Chapter 13. Since Chapter 13 is a debt repayment plan, the Means Test will show how much you are able to repay on your debts. We can also represent you throughout the course of handling the Chapter 13 filing.
Contact Us
If you wish to learn more about the Means Test, your specific bankruptcy situation or to schedule an appointment with an experienced Pueblo and Colorado Springs bankruptcy lawyer, please contact us.
