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The Bankruptcy Means Test
Port St. Lucie Bankruptcy Lawyer
In order to file for Chapter 7 bankruptcy, your financial profile must meet the qualifications of the bankruptcy means test. Chapter 7 bankruptcy is one of the most popular forms of bankruptcy, but not everyone is eligible to file because it allows the debtor to walk away without any unsecured debts. Because of this, the U.S. bankruptcy laws have initiated several safeguards to keep individuals from abusing the means test.
The Means Test Process
- First, you must file Bankruptcy Form B22A, the official bankruptcy form entitled, “Statement of Current Monthly Income and Means Test Calculation. This form is only used for Chapter 7 bankruptcy.
- If the means test indicates that your debts / household income are not eligible for Chapter 7, you will be directed to another form of bankruptcy, such as Chapter 13. Learn about Chapter 13 here.
- If your household income meets the qualifications of the means test, you can continue the filing process to discharge your unsecured debts.
“I qualify for Chapter 7 bankruptcy. Should I file?”
Not necessarily. You are not obligated to file for bankruptcy simply because you qualify. In fact, bankruptcy is not for everyone. If you are facing an overwhelming amount of debt, speak with a Port St. Lucie bankruptcy lawyer from Crary Buchanan to learn more about your legal options with our team of seasoned legal professionals.
We can help you understand your legal circumstances and, if Chapter 7 is the best option for you, guide you through the bankruptcy process ahead. If you’re ready to speak with a bankruptcy lawyer about your case, contact the legal team at Crary Buchanan today. We have decades of legal experience; let us put it to work for you.