The Means Test and Chapter 7 Bankruptcy

If you have a significant amount of debt and feel like you cannot get a handle on your finances, it is important to recognize that you have options. Bankruptcy laws were enacted to help individuals and businesses get out of debt and back on the path to financial security. If you pass the means test and successfully file for Chapter 7 bankruptcy, you may be well on your way to a fresh financial start.

If you or someone you love is facing financial difficulty due to excessive debt, contact the New Orleans Chapter 7 bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, by dialing 504-599-5906. Our experienced legal professionals are ready to discuss your situation during a free initial consultation.

What Is the Chapter 7 Means Test?

The means test was created to help determine eligibility for the benefits of Chapter 7 bankruptcy. The test accomplishes this by considering your monthly income and expenses to determine your disposable income. The monthly income that is considered under this test goes back six months prior to your bankruptcy filing. The less disposable income you have, the more likely you will be eligible to utilize Chapter 7 bankruptcy.

If your monthly income is less than the median for the state of Louisiana, you will be free to file Chapter 7 bankruptcy. A bankruptcy attorney can provide additional information on the means test and bankruptcy eligibility.

Contact Us

If you need help getting your finances back on track, call the New Orleans Chapter 7 bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906. Financial stability may be within your reach, but we cannot help you unless you take the first step.