Qualifying for a Chapter 7 Bankruptcy
Bankruptcy laws underwent significant changes in 2005. Chapter 7 bankruptcy remained an option, even with the extra steps required to qualify. A means test was instituted to stop abuse of the Chapter 7 bankruptcy process by determining the income and expenses of people seeking Chapter 7 protection. While these changes did have an impact on the Chapter 7 bankruptcy process, we find that most of our clients seeking debt relief still qualify.
At Krigel & Krigel, P.C., we have the knowledge and experience to help you through an emotional and stressful process.
Do not let assumptions that you will not qualify for a Chapter 7 bankruptcy prevent you from visiting our office. Contact a bankruptcy attorney at 816-756-5800 or toll free at 866-245-8887.
Helping You Through the Means Test Process
At Krigel & Krigel, P.C., we will walk you through the entire process of completing the means test and determining whether you will be able to file a Chapter 7 bankruptcy. We review all sources of income for six months prior to the filing, secured mortgages and car loans, and allowable expenses. Those include insurance, medical bills, child care, taxes and other expenses.
Even if the means test initially shows you do not qualify for a Chapter 7 bankruptcy, there may be additional circumstances that will qualify you for a Chapter 7 filing. You may have recently lost your job or suffered medical problems that forced you into requirement. We will make sure that all available options are explored and pursue the right one for you.
Chapter 13 May Be Your Chance at a Fresh Start
All is not lost if you do not qualify for Chapter 7 bankruptcy. Chapter 13 remains a viable option. You can still receive a discharge, and the reorganization and subsequent payment plan still provides you a chance at a fresh start.
Contact Us
For more information or to schedule an appointment with an experienced lawyer regarding the Chapter 7 means test, please contact us.
