About the Means Test

Bankruptcy and the Means Test in Chicago

The laws regarding eligibility for filing Chapter 7 bankruptcy were changed and updated in 2005, making it more difficult for individuals to qualify for filing this form of bankruptcy.  There had been a large number of cases in which individuals took advantage of the law who actually had higher incomes that could have handled the situation without filing Chapter 7, resulting in changes to the laws.  The law now has stringent restrictions for filing Chapter 7, and for those who do not qualify, Chapter 13 is the usual solution.  The means test has the purpose of determining whether you have enough "disposable" income that you could actually pay off the obligations that you have through a Chapter 13 bankruptcy.  The Means Test essentially determines whether you are eligible for Chapter 7 bankruptcy (discharge of debt) or not.

The Means Test in Chicago

In a Chapter 13 bankruptcy, your debts are often renegotiated to a lower amount during the process, which is a huge advantage for the individual.  Then the back amounts are paid off over 3 - 5 years, based on the current income.  All of these matters are determined after you have completed the Means Test and your full financial situation evaluated by a Chicago bankruptcy lawyer from the Law Offices of Swanson & Wagman LLC.  Filling out the Means Test is an extremely important matter as if you do it incorrectly you will lose your opportunity to file Chapter 7 which you may in fact qualify for.

Another change in the law is related to how the attorney from the firm handles your case, although this has not affected the Law Offices of Swanson & Wagman LLC to any large degree.  The attorney must vouch that all the information submitted is correct and be responsible for it, which has always been the approach of the firm.  Each case is personally and carefully evaluated and every step is done thoroughly and accurately, in order to provide the best of service to the client.  The legal team also cares for the client beyond the filing, by providing free credit restoration counseling after the bankruptcy has been completed, and this has been a great advantage to the clients.  You can be assured that the legal team at the Law Offices of Swanson & Wagman LLC will work hard to assist you in resolving your financial situation and take each case personally, and provide the kind of individual service that is needed with stressful and dangerous financial problems.

Contact a Chicago Bankruptcy Attorney from the Law Offices of Swanson & Wagman LLC when considering filing bankruptcy and with the proper filling out of the Means Test.