Minnesota Means Test Lawyer
Determine Your Eligibility for Bankruptcy
If you're struggling with overwhelming debts, you may be considering filing for bankruptcy. However, one cannot simply file for any Chapter of bankruptcy -- you must first determine which Chapter you are eligible for by taking the Means Test.
The Means Test can be time-consuming and difficult, but you can complete it more quickly and easily if you have help from an experienced bankruptcy attorney at Lamey Law Firm P.A..
We have been helping people file for bankruptcy in Minnesota for years and our goal is to help you get a fresh start. Trust us for guidance in your financial matter today!
Call us at (651) 309-8180 or contact us online to schedule a consultation.
What Is The Means Test?
This test evaluates an individual's income and expenses to assess their financial situation. To initiate the means test, you must first determine your average monthly income over the six months preceding your bankruptcy filing. This figure is then compared to the median income for households of the same size in Minnesota. If your income falls below this median, you generally qualify for Chapter 7 bankruptcy.
However, if your income exceeds the median, a more comprehensive assessment of your disposable income follows. This includes deducting allowable expenses from your monthly income. If your disposable income is insufficient to repay a significant portion of your debts, you may still qualify for Chapter 7.
Ultimately, the Means test serves to ensure that individuals who genuinely require Chapter 7 relief can access it, while those with the means to repay debts are guided toward Chapter 13 bankruptcy.
Information Necessary for the Means Test
To take the Means Test, you will need to gather a few pieces of information about your income and expenses.
Below is a list of what can help you prepare for the means test:
Your most recent tax return
A list of your current monthly expenses
Your current monthly income
The most recent statement for all your bank accounts
Call Lamey Law Firm P.A. Today for Help
Navigating the Means Test can be a complex and pivotal part of the bankruptcy process. It's essential to understand your eligibility and options fully. At Lamey Law Firm P.A., our experienced bankruptcy lawyers in Minnesota are well-versed in this process, and we're here to guide you every step of the way.
Whether you qualify for Chapter 7 bankruptcy or if Chapter 13 is a more suitable path, we'll provide the expert guidance you need to make informed decisions. Our goal is to help you achieve the debt relief you deserve while safeguarding your financial future. If you're considering bankruptcy or have questions about the Means Test, don't hesitate to reach out for a consultation. We're committed to helping you regain control of your finances and move toward a brighter financial future.
See if you're eligible for Chapter 7 bankruptcy. Speak with skilled Minnesota means test attorneys at Lamey Law Firm P.A..