Bankruptcy Means Test

In the last several years, the U.S. Congress has made significant changes to bankruptcy law. In 2005, changes were enacted that people believed would make the process more difficult.

In actuality, this is not true. Bankruptcy still provides one of the most effective and important means for relieving otherwise unmanageable consumer debt. One of the biggest changes to the law concerns the means test. In order to file for Chapter 7 bankruptcy, one must be able to demonstrate that household income is beneath median household income in the state where he or she resides, or if your income is above the median, one may still qualify if he or she has sufficient deductions.

In certain cases Chapter 7 bankruptcy may be possible if the remainder of disable income is insufficient to repay a portion of unsecured debt. Because of the complexity of these formulas, partnering with a skilled bankruptcy attorney is important in reaching a best possible outcome.

New Jersey Bankruptcy Means Test

For more than 35 years, our team has been helping people work toward solutions that relieve themselves from otherwise crippling debt. We are ready to work directly with you to understand your unique financial situation. If you are eligible for Chapter 7 bankruptcy and it is in your best interest, we can pursue that course of action. If Chapter 13 or other debt relief methods are more beneficial for your long-term financial well-being, we can help you pursue those, as well. We are committed to your success and encourage you to get in touch as soon as possible.

To schedule a free initial consultation with our Monmouth County bankruptcy lawyer, call toll free: 732-988-1500 or fill out our contact form. Hablamos español.

The law offices of William H. Oliver, Jr. & Associates is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.