What is a Means Test?

In this particular context, a means test is a test used to determine a person's eligibility to file for bankruptcy. It helps calculate how an individual's income compares to the median income of the state. It also values an individual's assets and helps establish whether or not that person has the specific means necessary to repay existing debt. If you do not have the disposable income, assets or means to repay your past due debts, you may qualify for Chapter 7 bankruptcy, and to have all of your unsecured debts discharged. Should your income and assets allow you the means to repay your debts over time, you may qualify to file a Chapter 13 bankruptcy. In Chapter 13 bankruptcy your debts would be reorganized or restructured so as to allow them to be paid in full within a reasonable period of time.

The most effective and efficient way to determine if you are eligible to file for either Chapter 7 or Chapter 13 bankruptcy is to discuss your financial situation with an experienced bankruptcy lawyer who will assist you with the means test. Our firm has assisted clients with countless means tests and we have helped many clients obtain the financial relief that can only be found through bankruptcy or one of the various alternatives to bankruptcy.

With more than 50 years combined experience, the lawyers at Bryant, Logan, Wheeler Law Group, PLC have a comprehensive understanding of the requirements which must be met to seek bankruptcy protection. We believe in working one-on-one with our clients to see that their individual needs are met and we stand ready to provide you with the high-quality legal representation you need. We know the stresses and hardships associated with creditor harassment, foreclosure, wage garnishment and other debt-related matters, and we work hard to help our clients to get the fresh financial start they deserve. To find out if you qualify for bankruptcy, contact a Wayne County bankruptcy lawyer at our firm for help with every detail of the process, including the means test.

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