The Bankruptcy Means Test
Queens Bankruptcy Attorney
The means test became part of bankruptcy law in 1995 with the passage of the Bankruptcy Reform Act. It is a way of preventing debtors with a high income from filing for Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, a person's non-exempt assets are sold by a bankruptcy trustee to pay creditors, and any remaining debts are discharged. Before a person can file a bankruptcy petition, the means test must be taken to determine if the individual has sufficient disposable income to pay off creditors. It there is enough money to pay back creditors, the person must file for bankruptcy under Chapter 13, which calls for restructuring or creditor payment plans. Only individuals with consumer debts are required to tak e the test.
If you are in financial trouble and looking for ways to eliminate your debts, contact a Queens bankruptcy lawyer for legal and financial advice. A qualified attorney can explain the bankruptcy process and administer the means test so that you can make an informed decision regarding your debts.
Bankruptcy is one of several debt remedies that should be explored when deciding what course of action to take regarding your debts. Other debt relief measures include:
Blutter & Blutter has decades of experience helping clients throughout Nassau, Suffolk, Queens and Kings counties that are in a financial bind. The firm's attorneys are highly skilled litigators with in-depth knowledge of bankruptcy laws and procedures. They can explain how filing a bankruptcy petition can improve your financial condition and enable you to lead a debt-free life. They are also aggressive negotiators that will provide effective advocacy when dealing with creditors and lenders. The firm offers personalized and compassionate legal support, and will develop a comprehensive strategy to help you achieve your financial goals. You will always work directly with an attorney who will be attentive to your case and never refer you to a paralegal or secretary.
Contact a Queens bankruptcy lawyer for legal counsel and assistance if you are seeking a way out of debt.