Attorney Williams Explains the “Means Test” for Chapter 7 Bankruptcy in Connecticut

Like any legal process, bankruptcy filings have complexities and guidelines that must be considered as part of the decision about which option is best. For example, if you are struggling with overwhelming debt and considering filing for Chapter 7 Bankruptcy, sometimes referred to as “liquidation” or “straight” bankruptcy, you may have to pass the income-based “Means Test.” In Connecticut, if your income is below the amount specified for your household size, you will be exempt from taking the means test, and may file for Chapter 7. (There are other factors which could exempt you from the Means Test, including the type of debt you incurred and whether you are a disabled veteran, under certain conditions.)

Contact the Connecticut bankruptcy law firm of Susan M. Williams to learn more about the Chapter 7 filing process.

Why Do I Need a Lawyer to Help With a Means Test?

With more than two decades of experience in providing relief to clients facing overwhelming debt, Connecticut bankruptcy lawyer Susan M. Willams offers skilled, compassionate and effective legal guidance for those seeking the best options for managing debt that has gotten out of control. She will speak with you about your individual situation, listen to your concerns and provide the legal options that best suit your circumstances. She can also help manage the legal paperwork, court process and other requirements involved in filing for bankruptcy.

How is the Means Test Evaluated?

If your income is higher than specified in the means test guidelines, you will be required do the test calculation, which will help determine whether you will need to file for Chapter 13 Bankruptcy, under which a portion of the debt would be paid back. The calculations require plugging in financial information about your income, including sources such as:

• business income
• rental income,
• interest and dividends,
• pensions and retirements plans,
• unemployment income

Eligibility based on the Means Test is just one of the requirements you may be facing as you consider your legal options for managing your debt. Decisions about filing for bankruptcy are not to be taken lightly. The consequences will affect your future and your ability to get out from under accumulated debt. And, submitting information for a Means Test can be complicated. The last thing you need is to worry about unintended consequences because you made a poor decision during the evaluation for your means test in Connecticut.

Contact Susan M. Williams Law Office to Discuss Solutions

If you are struggling with troubling debt and feel like you have nowhere to turn, please contact Susan M. Williams law office for a free initial consultation. We serve those throughout Connecticut and Massachusetts. To make an appointment by phone, please contact us at “[custom:phone].”