Means Test in Valencia
Do you qualify for bankruptcy? Take the means test!
In order to determine if bankruptcy can help you through an overwhelming financial situation, a debt settlement attorney from the Financial Recovery Law can help you take the means test. The means test is a quick qualification process that helps a debtor determine which chapter of bankruptcy they can legally qualify for, and essentially which will be the most beneficial for their situation.
The means test is conducted as follows:
If a debtor falls below the median income for the state of California, they will be considered unable to pay back their debt in a reasonable amount of time and therefore qualify for Chapter 7 bankruptcy.
If a debtor makes more than the median income for the state of California, they will not be eligible to file for Chapter 7 bankruptcy. This debtor will have other options, including Chapter 13 bankruptcy.
By quickly assessing your situation, you may determine whether Chapter 7 or Chapter 13 bankruptcy would be better for you in your current financial situation. However, before you file your bankruptcy petition, talk to a Santa Clarita debt settlement lawyer to understand the legal ramifications and obligations of bankruptcy, and if an alternative would be a more viable option for you.
Other Alternatives to Bankruptcy in Santa Clarita, CA
When a person finds that they may file for bankruptcy according to the means test, they may either proceed with the legal process or seek an alternative. Often times, when a person realizes that they do not qualify for Chapter 7 bankruptcy, or the quick and effective method of bankruptcy, they steer away from Chapter 13 and look towards options such as debt negotiation, debt settlement or a loan modification. Each person's financial situation will differ and will require a different approach, so do not forget to talk to your lawyer before coming to a final decision.
Contact Our Valencia Bankruptcy Lawyers for Guidance
Real Stories From Real People
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