Do I Qualify for Bankruptcy?
Using the Chapter 7 Means Test
Most people assume that there is a certain amount of debt that you have
had to have acquired in order to be able to apply for bankruptcy; however,
this is not the truth. In determining qualifications for bankruptcy, the
only thing that you may be asked to do is provide information regarding
the debts that you have and proof of your income. When you work with Atlantis
Law, an attorney from the team can then evaluate your situation and help
find the best legal solution to your debt. In some cases, it may be necessary
to take the bankruptcy means test. This test is simply used to determine
your eligibility to file under
Chapter 7 bankruptcy. If you are not eligible to file under Chapter 7, you can still
benefits of bankruptcy by filing under
How does the means test work?
In a Chapter 7 means test, your monthly expenses will be deducted from
your monthly income. All income-receiving adults living in the same household
may be taken into consideration to determine the overall current income
level. This deduction will help determine your monthly disposable income.
If your disposable income is lower than the median disposable income based
on your zip code, you may be eligible to file under Chapter 7 bankruptcy.
This test is usually required of individuals who have high amounts of
consumer debt. Chapter 7 bankruptcy means tests are available online or
through your attorney.
Eligibility to File for Chapter 7
If it has been determined that you are eligible to file for Chapter 7 bankruptcy,
you can begin working with your attorney to help drafting a bankruptcy
petition. At Atlantis Law, the team will outline your disposable income
and take into consideration your long- and short-term goals. By retaining
the legal team, you can begin to move forward with your case and become
debt free as soon as possible. All questions and concerns that you may
have regarding your situation can be directed to a trustworthy Rancho
Cucamonga bankruptcy lawyer from Atlantis Law by
contacting their team directly to schedule a
free case evaluation with a friendly representative. Now is the time to take your financial
situation into your own hands! Call the Atlantis Law as soon as possible.