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The Means Test

Taking the Means Test in Westchester County

Who Is Required to Take the Means Test?

In order to file for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code, a debtor must first pass the means test. This is a test that is used to evaluate a debtor's income versus expenses to determine whether he or she has the wherewithal to repay part or all of his or her debt through a Chapter 13 repayment plan.

Taking the means test is necessary if you are interested in filing a Chapter 7 bankruptcy petition. With a Westchester County bankruptcy attorney to guide you through this process, you can be sure that your income and expenses are properly represented. A lawyer can help you through the entire bankruptcy process, from filing all the way through to the discharge of your debt.

Steps Involved with the Means Test

There are two main steps associated with taking the means test. The first is a comparison of your income against the median income for your state. If you make less than the median income for New York, you will pass the means test and will not have to go on to the next step. If you make more than the median income, you will need to move on to the second stage of the means test.

The second stage consists of an evaluation of your income versus your necessary expenses to determine your amount of disposable income. Depending on the amount of money you make and the expenses you have, you may pass the means test at this stage.

Consult a Westchester County Bankruptcy Lawyer

Would you like to learn more about taking the means test and qualifying for a Chapter 7 bankruptcy in the Westchester County area? A lawyer at our offices can answer your questions about this and can actually assist you in taking the means test to ensure your financial information is presented accurately.

Contact a Westchester County bankruptcy attorney at our law offices to learn more about how we can help with the means test and bankruptcy in general.