4 Considerations of the Means Test
Thanks to the recent recession and economic downturn, the number of people filing for bankruptcy increased by 158% from 2006 to 2010. In 2011, over 1.3 million individuals sought debt forgiveness or restructuring through bankruptcy. If you are facing financial difficulties and have considered filing for bankruptcy, you must first know if you qualify.
If you or someone you know is struggling financially and can no longer make your monthly payments, you may want to consider filing for bankruptcy so you can get out of debt and on with your life. For more information about the means test and how it applies to you, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346.
What the Means Test Evaluates
The means test is only required when filing for Chapter 7 bankruptcy. It is used to determine an applicant’s level of income and whether you really cannot pay off your debts outside of bankruptcy. To determine this, the means test evaluates the following information:
- Current level of income
- Projected level of income in the future
- Value of property and assets
- Where your income ranks relative to the state’s median
- Expenses and bills
After the means test determines your bankruptcy eligibility, you can pursue debt forgiveness. Even if you do not qualify for Chapter 7 bankruptcy there are other options available to you.
Contact Us
This can be a very trying time in your life, but you don’t have to go through it alone. To discuss the details of the means test, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346.
