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Bankruptcy Means Test

Are You Eligible For Chapter 7 Bankruptcy In Katy?

When you are considering filing for bankruptcy, many people do not know where to begin. The bankruptcy means test was developed to help determine if individuals are eligible to file for a Chapter 7 liquidation bankruptcy. If you do not qualify for a Chapter 7 bankruptcy under the means test, you may still be eligible to file for bankruptcy under Chapter 13. The purpose of the test is to determine expendable and disposable income that is calculated by subtracting monthly expenses from monthly income. If your disposable income is low, you will be able to file for Chapter 7 liquidation bankruptcy and have the money made from the sale of non-exempt items go toward paying off non-secured debts.

The means test was established to limit the number of individuals filing for complete bankruptcy. If it is determined that you have enough disposable income to pay off small portions of your debts on a monthly basis, you may be qualified to file for a Chapter 13 bankruptcy in which the court system plans a pre-determined payment method to help you become debt free. Means tests are available online or by working with an attorney who can help you discuss your financial situation and what alternatives to bankruptcy you may have.

Working With A Katy Bankruptcy Lawyer

Searching for an attorney for your bankruptcy in Katy? At the Law Office of Corey L. Mills, we understand that this time in your life may be stressful, but you are not alone. Millions of Americans are finding themselves in tight financial situations, but when you work with our firm, you will be working with dedicated and highly experienced bankruptcy attorneys who always have your best interests in mind. Your case will be fully evaluated by one of the top bankruptcy attorneys in Katy and we will determine the full extent of your financial situation and prepare a detailed legal approach to assist you in your bankruptcy endeavors. To find out how working with our firm can help, contact the Law Office of Corey L. Mills today and schedule an appointment to speak with a dedicated Katy bankruptcy attorney now.

it won’t be nearly as bad as you feared it would be