Chicago Means Test and Chapter 7 Bankruptcy Attorneys
When you are going through financial difficulty, you may be unable to pay all of your monthly expenses like food, clothing, rent, and utilities, let alone your ongoing debt repayments. If that is the situation in which you currently find yourself, it is important to know that you are not alone, as more than a million debtors file Chapter 7 cases annually. A successful bankruptcy filing can offer you a fresh financial beginning and help to clear many of your outstanding debts. Chapter 7 bankruptcy is one of the most common forms of bankruptcy, because it is available to both businesses and individuals.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 introduced the requirement that Chapter 7 filers qualify for this form of financial relief by passing a means test, in order to distinguish debtors with sufficient income and assets to satisfy their obligations from those who lack such resources. For assistance determining your eligibility, contact the Chicagoland Chapter 7 bankruptcy and means test attorneys of the Law Offices of Stuart B. Handelman at 312-360-0500 today.
What is the “Means Test?”
The means test simply refers to factors that you are evaluated by when filing for bankruptcy, to ensure that you are qualified to file for bankruptcy. The means test will examine an applicant’s:
- Debts, based on size and nature
- Assets and income, both present and prospective
- Expendable income
- Income relative to state’s median income
If you qualify for Chapter 7 bankruptcy, you could be on your way to a new financial beginning. Some of the benefits of Chapter 7 bankruptcy include:
- Discharge of some or all debts
- The prohibition of creditor contact
- An opportunity to halt the downward trend of your credit score
Contact Us
Bankruptcy can be difficult to face, but it may be the right financial decision for yourself and your family if you are truly struggling to make ends meet with your current income and debts. If you or someone you know is filing for Chapter 7 bankruptcy, contact the experienced Chicagoland Chapter 7 bankruptcy and means test attorneys of the Law Offices of Stuart B. Handelman today by calling 312-360-0500.
