What Is the Bankruptcy Means Test? 

The bankruptcy means test is used to determine whether someone qualifies for Chapter 7 bankruptcy. This test is a calculation based on their income, expenses, and family size. It compares your monthly income to the median income of a similar household in your state. If your income falls below the median, you may be eligible for Chapter 7; otherwise, you might have to opt for Chapter 13. 

People considering bankruptcy are strongly encouraged to consult with an experienced attorney, like ours at Cobb Law Firm, LLC, to help them determine if filing for bankruptcy is a viable option and, if so, which type of bankruptcy they are eligible for. 

Take Control of Your Financial Future 

A bankruptcy filing should not be taken lightly as it has long-term consequences. Instead, filing for bankruptcy should be considered when debt becomes unmanageable and you have exhausted all other avenues to repair your financial situation. 

Additionally, while having an attorney to file for bankruptcy is not mandatory, having experienced legal representation is highly recommended. 

A legal advocate, like our Gadsden bankruptcy lawyers, can provide invaluable guidance, helping you throughout the process. They can also provide guidance aimed at helping you protect your rights and assets. Furthermore, if creditors are harassing you, you are worried about home foreclosure, or you are facing a creditor lawsuit, now is the time to schedule a consultation with Cobb Law Firm, LLC. 

Get the legal guidance you seek by calling (256) 733-6102 or filling out our online contact form. We are ready to use our decades of experience to help you.