What is the Means Test?
Murray Utah Bankruptcy Lawyer Video #40:
What is the Means Test?
In order to file a Chapter 7 bankruptcy, we must determine whether you satisfy what is called the Means Test. This is an additional requirement that congress enacted in 2005, and what they want to ensure is that the amount of household income that you have is not in excess of the average household income in the same area in which you live. If it is you will likely need to file a chapter 13 bankruptcy which means that we will reorganize your debts. If it is below that amount and typically that amount is in the range of approximately $5,000 gross per month. If it’s below that amount, then you will be entitled and allowed to file a Chapter 7 bankruptcy, which means that you’ll be able to get rid of all those debts.
I hope you found this video helpful. As you’ve noticed we literally have hundreds of videos for any type of question that you may have regarding the bankruptcy process.
Please take your time, look at any other videos, answer any of their questions that you may find helpful on our website but call us at (801) 424-3555, so that we can set up an appointment and start helping you get back on your feet and get the fresh start that you deserve through the bankruptcy process.
Labertew & Associates, LLC
4764 South 900 East #3, Murray, Utah 84117
(801) 424-3555
http://www.labertewlaw.com
[ No information or materials contained herein are intended to constitute legal advice and are not applicable to any specific set of facts, especially as to any individual's personal situation. This material is provided as informational instruction as to general legal information, opinions or recommendations about possible legal rights, remedies, defenses, procedures, options or strategies but not specific advice related to another person's facts as set forth in UT 14-802(c)(2) the information contained herein nor the perusal of it shall be interpreted to constitute an attorney-client relationship and does not establish nor constitute an attorney client relationship. ]
