Getting Your Finances Back On Track

Which Type Of Bankruptcy Do You Qualify For?

If you are considering filing for bankruptcy, you probably have questions about which type of bankruptcy you will qualify for. The means test, required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), is designed to determine whether you have enough income to repay some of what you owe to your creditors. If you do have enough income to repay some of what you owe, then you will not be allowed to file a Chapter 7.

Helping People With Means Test Calculations

At Christopher Kerney, Attorney at Law, our job is to carefully review your overall situation and provide you with the information you need so that you can make an educated decision about what type of bankruptcy to file. After you decide, we’ll take care of everything else.

Everyone who files bankruptcy must attach a “Statement of Current Monthly Income and Means-Test Calculation” to the bankruptcy petition. You will be required to provide pay stubs (or profit and loss statements if you operate a business) for the six calendar months ending with the last day of the month prior to the month that your bankruptcy is filed. If you are married and live with your spouse, then your spouse must also provide this information, whether he or she files bankruptcy or not.

Our lawyer, Christopher Kerney, will help you calculate an average monthly income for the six-month period. We will then reduce the average monthly income by the IRS standard allowable expenses, as well as expenses that are unique to you. If the calculation results in a positive number that is larger than the standard allowed for a Chapter 7, you will need to file a Chapter 13 and repay your creditors at least some of what you owe.

We Can Evaluate Your Financial Situation — Call 615-206-9900

At Christopher Kerney, Attorney at Law, help individuals and families in Gallatin, Portland, Hendersonville, Lebanon and the surrounding area. Let us evaluate your financial situation, guide you through the income means test in Tennessee and help you identify your options. Your first consultation with a lawyer is free with no obligation. Call or send us an e-mail today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.