Do I Qualify for Chapter 7 Bankruptcy?
Because of the confusion and the many bankruptcy myths that are out there, many people are confused and perhaps even a little frightened, because they don't know whether they qualify for Chapter 7 or whether bankruptcy is the best option for them. Many people also worry about the means test. If you haven't been through the bankruptcy process before, the means test can seem daunting and complicated.
However, at Walton Legal Services, our Indiana bankruptcy attorneys have a wealth of experience with the bankruptcy means test. For us, it is not too complicated, because we have dealt with it so many times. Come in for a free initial consultation. Talk with one of our lawyers; we can help you understand the means test and walk you through every part of the entire bankruptcy process from beginning to end.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
About the Bankruptcy Means Test
The main purpose of the bankruptcy means test is to determine whether a person is eligible for Chapter 7 bankruptcy. The law sets out median income amounts based on the size of the household and the area where the person filing lives. If your median income falls beneath the means test limit based on all the circumstances involved, you pass the means test, and you are eligible for Chapter 7 bankruptcy.
It is very rare that someone does not qualify for a Chapter 7 bankruptcy. Even if you did not pass the means test, you might still qualify for a Chapter 7, depending on the level of expenses that you are carrying from month to month. Regardless of your financial situation, if you need legal advice about your debt-relief options, our lawyers would be happy to sit down and talk with you.
Most people who do not pass the means test will still qualify for Chapter 13 bankruptcy, which can also be a great debt-relief option. Chapter 7 and Chapter 13 both include the automatic stay, which prevents collectors from bothering you during the course of the bankruptcy proceedings. This can be a great benefit to many people who just need some time to get caught up on some debts and make a long-term financial plan.
If you are looking for an Indianapolis debt-relief lawyer to help you find the road to financial freedom, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
