If you’re confused by the means test or how bankruptcy terms apply to your situation, then you may wish to seek help from a Dallas, TX law firm. A law firm can work with you to ensure that you fully understand the legal options that are available.
When filing for bankruptcy in Texas, you may decide to take the Chapter 7 means test. The Chapter 7 means test helps determine if you qualify for Chapter 7 bankruptcy. This is usually the most desirable for people, since all of your debt is eliminated.
3 Important Facts about the Chapter 7 Means Test
Filing for Chapter 7 can get complicated, which is why legal counsel is advised.
The 3 most important things to remember are:
• the median income calculation is based on where you reside;
• it’s dependent on your income being less than the median income for your particular household size; and
• if your income isn’t less than the median income, then you must show that you don’t have enough disposable income to pay for your debts.
While the Chapter 7 means test can help determine if you qualify for this type of bankruptcy in Texas, it does not necessarily mean you should proceed with it. To learn the best way to protect your rights, you should contact a Dallas TX law firm.
Contacting a Dallas TX Law Firm
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.