Means Test
Are You Eligible for Chapter 7 Bankruptcy?
The bankruptcy Means Test is used to determine your eligibility to file for Chapter 7 bankruptcy, signifying the amount of income versus disposable income and ratio to expenses that is low enough to constitute filing. If you do not meet the eligibility standards for Chapter 7, you have the option of filing for Chapter 13 bankruptcy. The Means Test uses information from your income and expenses, compared to median income and expenses for where you live, to determine if you have the means to pay the money back.
If you are seeking bankruptcy and want to calculate your means and disposable income, it is best to speak with a qualified attorney who specializes in bankruptcy like our Ventura County bankruptcy attorney at The Law Offices of Robert F. Sommers. Our team can help you determine your disposable income, all applicable expenses, and the IRS and Census information that applies to your household.
Information Needed
Much of the information needed for Means Testing forms and bankruptcy eligibility forms will be compiled using your own records, the US Census Bureau, and IRS.
This information may include, but is not limited to:
- Income statements for the 6 months prior to when you are filing
- Disposable income information for the 6 months prior to filing
- Monthly expenses statements
- IRS Collection Financial Standards (for food, clothing, out-of-pocket health expenses, households and utilities
- Transportation Expense Standards
- Census Bureau median family income based on state & family size
Request a Free Consultation: (805) 919-8662
If you have questions about your eligibility, it pays to speak with a Ventura bankruptcy lawyer who knows the process well and who can help you calculate your Means Test with confidence. Our team can work with you to get a fresh start and get back on track financially with Chapter 7 or Chapter 13 bankruptcy. Let us guide you through the legal process of California bankruptcy filing. We are the team you can trust to get it done right.
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