Clinton Township Means Test Lawyers
Helping Clients Through Every Stage of Bankruptcy
Bankruptcy is a serious decision. You may be considering it because you are being harassed by creditors or you are struggling to pay your bills. Regardless of the reason, you will have to go through the means test to see if you qualify for bankruptcy or if you should consider other options.
At Ziulkowski & Associates, PLC, we have helped countless people through the means test. We have the knowledge and experience to help you determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy.
What is the Means Test?
The means test is a mathematical calculation that determines if you have the ability to repay your debt. If you pass the means test, you will be eligible to file for bankruptcy. If you do not pass, you may want to consider other options.
It is meant to be a safeguard to prevent people from filing for bankruptcy when they actually have the ability to pay their debts.
What The Means Test Entails
The first step of the means test is to calculate your "disposable income." Disposable income is your individual income or household income minus certain expenses. Your expenses include your basic living expenses, such as housing, food, clothing, some utilities, and transportation.
Once your disposable income has been calculated, you can determine whether you pass the means test. If your disposable income is above the median income for your household size in Michigan, you do not pass the means test -- this means that you cannot file for Chapter 7 bankruptcy and will need to look at other options. If your disposable income is below the median income, you pass the means test and qualify for Chapter 7.
You may want to seek the assistance of an experienced means test lawyer to help you determine whether you pass the means test. Ziulkowski & Associates, PLC has helped countless people through serious debt and they can help you with the means test.
Reach Out to Skilled Means Test Lawyers in Clinton Township
If you are considering bankruptcy, the means test is a necessary part of the process. Our bankruptcy attorneys at Ziulkowski & Associates, PLC have helped guide countless people get through their debt matters -- we are qualified and have the knowledge and experience to help you.
If you are struggling with debt, do not make any decisions without talking to professionals first.