If you have decided that bankruptcy may be an option for you then you must also complete a means test.
The means test is not something to stress over. There are no right or wrong answers. The purpose of the means test is simply to look at your personal income and compare it to the state median in order to see if Chapter 7 bankruptcy is an option.
Reading a means test is easy enough. If your income is lower than the state median or if your disposable income is insufficient to pay off your debts, you may pursue a Chapter 7. If your income is too high, you may pursue a Chapter 13 bankruptcy or look at other debt-relief options — such as debt settlement or loan modification.
One of our experienced bankruptcy law attorneys can review the specific details of your financial situation and assist you in pursuing the option that will grant the fresh financial start desired.