Before filing for bankruptcy, you will be asked to take a means test to determine your eligibility. In some cases, families are not eligible to file for
bankruptcy because they do not meet certain requirements. Before going through the hassle of filing your petition, it is important for you to approach a seasoned
Kansas bankruptcy attorney to get help with the means test.
What is the means test?
The means test is a method used to compare your income to the median income of your state. In some cases, if your income falls below the median income for our state of Kansas, then you will be able to continue with your Chapter 7 bankruptcy petition.
If your income happens to be above the median income of the state, do not worry. There is still a chance you and your family may be able to file for Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, you are given the option to pay back a portion of your debt while receiving bankruptcy protection from creditor lawsuits at the same time.
So, what does this all mean? The means test is an effective method that allows for an individual or family to determine their eligibility to file for a specific chapter of bankruptcy. Should you fail to become eligible for either chapter, there are still many other methods and alternatives to bankruptcy, including debt settlement and debt negotiation.
Contact Kansas bankruptcy lawyer Rick Hodge today to find out more information on the means test and how you can get rid of your debt!