If you’re considering filing for bankruptcy to deal with overwhelming financial issues, we know you have a choice of Philadelphia Chapter 7 bankruptcy lawyers. At The Law Offices of David M. Offen, you’ll find an attorney with more than two decades of experience to help you make the best decision for your situation and guide you through the bankruptcy process.
What Is a Chapter 7 Means Test?
A Philadelphia Chapter 7 means test is the first step in determining which type of personal bankruptcy you can use. Many people prefer Chapter 7 bankruptcy because it lets them discharge many of their debts. However, not everyone qualifies. That’s where a Philadelphia bankruptcy means test comes in.
The Chapter 7 Means Test in Philadelphia PA calculates:
- Whether your monthly income exceeds the median state household income
- Your monthly expenses
- Your disposable income
If your income is less than the median state household income, you will generally qualify for Chapter 7. If it’s not, you may still qualify, depending on how much disposable income you have after your monthly expenses.
Why Experienced Philadelphia Chapter 7 Bankruptcy Lawyers Are Essential
The purpose of the bankruptcy means test in Philadelphia PA is to determine whether you have enough disposable income to pay your debts. That’s why it’s crucial that accurate information is provided. Many people who think that they don’t qualify for Chapter 7 actually do. On the other hand, you don’t want to waste your time seeking Chapter 7 when you don’t qualify.
If you don’t pass the Chapter 7 means test, you may want to consider Chapter 13, which is a reorganization of your debts with a plan to pay them off over three to five years. Sometimes the debts are only paid pennies on the dollar.We can help you determine whether Chapter 13 is the best way to go and smoothly guide you through the process.
Schedule a Free Consultation with Our Philadelphia Chapter 7 Bankruptcy Lawyer
Before you choose from among the Chapter 7 bankruptcy lawyers in Philadelphia PA, call us or contact us online to schedule a free consultation. We’ll help you determine the best way to get your financial house in order and get a fresh start.