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Nowack & Olson, PLLC Florida Bankruptcy Lawyer
  • $0 down and low payment plans available. We can assist you without having to leave your home.

Means test, what’s that?

Are you in a tough financial spot right now? Do you feel like you’ll never get out of it? Have you ever wondered if a Chapter 7 bankruptcy filing is right for you? If you answered yes to any of these questions, you are not alone. Many Florida residents have been or are in the same boat.

Believe it or not, you may have options to help you deal with your debt problems. A Chapter 7 bankruptcy, for example, if approved, can wipe away most of your debts and allow you a new start. If you are not sure if you can pursue this option, take a means test.

Where can I get a means test?

You can access the bankruptcy 122 forms online or by speaking to a bankruptcy law lawyer. There are quite a few that require completion, so to make sure you obtain all the forms you need, getting the documents in person is recommended.

Taking the means test

The word test can strike fear into anyone. This is not that kind of test. There is no grade given. It is simply about gathering and comparing information.

To complete a means test, you need information about your income and the state’s current median income. This information is easy to gather, as it is simply a matter of going through your personal records and reviewing the latest census data.

Interpreting the results

Okay, so you filled out the forms and now you are looking at a bunch of numbers that do not mean much to you. Here is how to interpret the results.

If your income is less than the state’s current median income level, you may qualify to file a Chapter 7 bankruptcy. If your income is higher, however, this form of bankruptcy may be out of reach — unless your disposable income is lacking. Disposal income is the money you have left over at the end of the month after paying your expenses.

Seek financial freedom

There is nothing wrong with wanting to free yourself from debt that has grown from circumstances that were likely out of your control. No one likes feeling that they have no options. You may have options, though. With a little guidance, you can find a debt relief option that will serve your needs.

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