Means Test

Bankruptcy Means Test

Illinois Bankruptcy & Debt Relief Lawyers

Chapter 7 bankruptcy is a great option for people who are underwater on their mortgages and overwhelmed by debt, but it isn’t right for everyone. In order to qualify for Chapter 7 bankruptcy, the law requires that you meet certain requirements, including a series of calculations commonly referred to as the "means test."

At Atlas Consumer Law, we handle Chapter 7 bankruptcy cases for people throughout Chicago. We educate our clients about bankruptcy law and help them make the right decision for your financial well-being. If you are considering bankruptcy, we can help you understand the means test and how it applies to you.

Ready to learn more? Contact Atlas Consumer Law for an assessment of your case. We are ready to help you!

The Bankruptcy "Means Test" & Chapter 7 Bankruptcy

The United States Bankruptcy Code applies a means test to determine whether you can file for Chapter 7 bankruptcy. If you do not qualify for Chapter 7 - generally because your income is too high - you may be able to pursue Chapter 13 bankruptcy.

The means test takes into account your income, and compares it to regional income and expenses standards, using a special formula. The formula takes your aggregate current monthly income over five years and subtracts certain statutorily allowed expenses.

If the remaining amount is more than $10,950 or 25 percent of your non-priority unsecured debt, the court presumes that you do not qualify for Chapter 7. You may be able to rebut this presumption by bringing to the court's attention circumstances that justify additional expenses or adjustments of your current income.

“Do I really need an attorney to help me?”

Because filing for bankruptcy is complex and because only certain people qualify, it is best to consult with a lawyer before you take action. The court holds non-lawyers filing for bankruptcy to the same standard as it holds lawyers, so it is expected that all paperwork will be submitted correctly and in a timely manner.

Filing mistakes or missed court deadlines can lead the court to dismiss your case. At Atlas Consumer Law, our experienced attorneys handle all matters for you, so that you can rest assured your bankruptcy will be handled effectively and efficiently.

Our Vision

We are dedicated to providing the most innovative legal strategies, comprehensive advice and the committed representation necessary to secure the long-term objectives and the peace of mind that our clients deserve.

Are you facing foreclosure or other debt problems in Chicago? Contact us online or by telephone at (312) 313-1613 to speak with an experienced Chicago bankruptcy attorney regarding the bankruptcy means test and your legal options through bankruptcy.

Hear From Our Satisfied Clients

Reviews & Testimonials

At Atlas Consumer Law, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

"I was so stressed out, found Atlas Consumer Law & gave them a call!"
I had absolutely NO exceptions going forward with my lawsuit against a company that harassed me for payment! I was at the ...

- Pam S.
"So Helpful & Responsive!"
Everyone at Atlas was so willing to help and so responsive. I'm so grateful for the work they put in on my case! Would highly ...

- Stephanie M.
"Results Fast!"
THEY GOT RESULTS FAST FAST FAST!!!

- Jake B.
"Can Do Attitude All the Way!"
Atlas consumer Law is amazing and they have the CAN DO attitude and will do anything to get the job done.. I highly recommend ...

- Donnie P.
"Thank you for educating me about my rights as a consumer!"
The Atlas Consumer Law Group is Awesome. They promptly took care of my issue with a creditor who tried to ignore my rights as ...

- Belinda W.
"Absolutely Amazing!"
I am absolutely AMAZED at this law group! I started a case in March and got it solved in early May! The debt collector was ...

- Aline G.
"Atlas Consumer Law Goes Above & Beyond!"
Atlas helped us within 6 months more or less and they were an awesome team. I would definitely recommend Atlas Consumer Law ...

- Llyod G.
"Atlas Consumer Law is on Your Side!"
When you need the law on you side call Atlas!

- Arlene B.

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