The Means Test and Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a type of bankruptcy that can relieve a debtor of most kinds of financial obligations, oftentimes without resorting to bankruptcy sale. For many individuals, pursuing this form of bankruptcy protection can be beneficial, but it should never be taken lightly. Because Chapter 7 bankruptcy essentially absolves a debtor of many obligations, filers must undergo the means test, which determines whether an individual is truly unable to make payments on his or her existing debts.

If you would like to learn more about the logistics of filing Chapter 7 bankruptcy, it is advisable to speak with an experienced bankruptcy attorney about your legal rights and options. At Chaifetz & Coyle, P.C., we are passionately dedicated to helping each of our clients to identify and pursue the appropriate debt relief measures for their circumstances. Contact our Maryland mortgage modification attorneys today by calling 443-546-4608.

The Means Test

The means test is a test that is used to determine one’s eligibility for Chapter 7 bankruptcy. It only became law in 2005 and is used partly in order to identify individuals who are attempting to abuse the bankruptcy system in the United States. If you choose to file Chapter 7 bankruptcy, the means test will determine your eligibility by assessing the following:

• Debt
• Monthly Income
• Assets
• Other financial assistance

A successful Chapter 7 filing and the assistance of a skilled and experienced Maryland mortgage modification attorney can help you to keep your home while eliminating other, crushing debts.

Contact Us

If you find yourself in debt and are worried about your home, you do not have to panic. We are eager to help you get the assistance you need to get your life back on track. For more information, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., at 443-546-4608.