Charleston Bankruptcy Lawyer Advises On Bankruptcy Means Test

When most people think of bankruptcy, they think of Chapter 7 bankruptcy, which liquidates debt. In 2005, new bankruptcy laws were passed that changed the requirements for filing. Today, consumers generally have two options when filing bankruptcy: Chapter 7 and Chapter 13 bankruptcy. However, not everyone is eligible for Chapter 7, or liquidation bankruptcy. They must first pass a bankruptcy means test.

At the Steadman Law Firm, P.A., in North Charleston, South Carolina, we help clients determine their best bankruptcy and debt relief options. We can help you understand the bankruptcy means test and help you gather the information and documentation necessary to complete it. To learn more, contact a Charleston bankruptcy means test attorney today.

What Is the Bankruptcy Means Test?

The bankruptcy means test considers an individual's median income comparison, disposable income, and unsecured debt to determine if he or she is eligible for Chapter 7 bankruptcy. Despite changes in the Bankruptcy Code in 2005, most people who wish to file Chapter 7 bankruptcy still can.

We can help you prepare for and take the bankruptcy means test. Then, if you are eligible for Chapter 7 bankruptcy, we will help you proceed. If not, we can help determine if Chapter 13 bankruptcy is a better debt relief option for you. In this type of bankruptcy, a three- to five-year repayment plan is established, where a debtor will repay a portion of debts over an extended period of time. The means test may determine what percentage of your debts are paid in the reorganization plan.

Contact a Chapter 7 and 13 Bankruptcy Attorney Serving Charleston, Summerville, Goose Creek, Moncks Corner and Surrounding Areas

To find out more about qualifying for Chapter 7 bankruptcy and means testing, contact our law firm to speak to a bankruptcy lawyer today. We are available during regular business hours and by appointment at other times. For your convenience, we offer payment plans for our clients who need them.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.