Bankruptcy Means Test Lawyers | Lewisville   

Will I Qualify for Chapter 7 or Chapter 13 Bankruptcy?

Several years have passed since the passage of new bankruptcy laws in 2005. Despite worries among consumers and bankruptcy lawyers at that time, the new laws have not prevented people who needed to file bankruptcy from doing so. Contact our bankruptcy law firm, Julian, Crowder & Shuster, if you are considering a bankruptcy filing in Texas. We will explain how we can help.

A Means Test Will Help Determine What Type of Bankruptcy You Qualify For

The first question that must be resolved if you are considering filing bankruptcy is whether you qualify for Chapter 7 or Chapter 13 bankruptcy. The means test that has been in effect since the passage of the new laws in 2005 helps determine which type of bankruptcy a consumer may file for: a discharge of debt under Chapter 7 or debt restructuring under Chapter 13. If the majority of your debt is because of a business, you may be exempt from taking the means test.

Examination of Your Income Over the Past Six Months

Among other factors, the means test will look at your income over the previous six months in an attempt to gauge your ability to repay your debts. If your future income is likely to be significantly lower than your previous six months' income because of a job loss, injury, divorce or other factor, your attorney may assist you in filing for Chapter 7 based on an affidavit of unemployment.

Enlist the Assistance of a Bankruptcy Lawyer

Find out if you qualify for a Chapter 7 or Chapter 13 bankruptcy through application of the bankruptcy means calculator. Call 972.315.6222 or send us an e-mail to schedule a face-to-face consultation with a Denton County bankruptcy attorney in Lewisville. We are ready to advise you about how to take advantage of all relief available under the U.S. bankruptcy code.

Clients often have specific questions when preparing to take the bankruptcy means test, such as:

• Can just one person of a married couple file for bankruptcy? (The answer to this question may depend on whether you and your spouse keep your finances separate or mingled.)
• How are living expenses accounted for when calculating whether someone can file for bankruptcy? (Answer: U.S. census data will be used to determine local cost of living standards in your area, taking into account such necessities as transportation, housing and living expenses such a food and utilities.)
• How are child support payments, mortgage payments and child care expenses taken into account when calculating your ability to repay your debt? (Talk to an attorney to learn answers to these and other questions based on your particular circumstances.)

Call 972.315.6222 to arrange for a free initial consultation to discuss your bankruptcy questions with the dedicated lawyers at Julian, Crowder & Shuster. We offer no-obligation case evaluations for potential clients.

Contact us to discuss the particulars of your financial situation.

We accept credit cards.

We are a debt relief agency. We help people file for debt relief under the U.S. Bankruptcy Code.