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Understand the Means Test

Chapter 7 Bankruptcy Attorneys in Charlotte

If you are interested in filing for bankruptcy and believe that Chapter 7 is the right route to take, you will need to consider the means test. The means test is used to determine whether a debtor's income is low enough to file a Chapter 7 case or if repayment through Chapter 13 is the better option. However, even if you have a relatively high income, you may still qualify for Chapter 7.

The means test consists of two parts:

  • An analysis of your income
  • An analysis of your disposable income

Depending on the results of the income analysis, you may need to move on to the next stage of the test and determine your disposable income.

At Saffa Law Group, our Charlotte bankruptcy attorneys know that filing Chapter 7 is a complex process. If you live in North Carolina and are looking for experienced counsel, you can turn to a bankruptcy attorney at our firm. We are not only experienced in this field, but we are dedicated to protecting our clients' interests and legal rights in order to help them experience the many benefits that bankruptcy has to offer.

Call to schedule your free consultation!

How does the means test work?

The first part of the means test is a comparison of the debtor's income against the median income for the area. If the debtor makes less than the median income, he or she will pass the means test. If the debtor makes more than the median income level, he or she will need to go on to the second phase of the test. The second stage of the means test involves an analysis of the debtor's income versus necessary expenses to calculate his or her disposable income. Because of the second stage of the test, even a debtor with a steady, high income may still qualify for a Chapter 7 filing.

Contact our firm today to discuss taking the means test and how we can help.

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