What Is a Means Test with Your Bankruptcy Lawyer Chicago?

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One of the steps in filing bankruptcy is to meet with your bankruptcy lawyer Chicago to discuss your financial situation. The goal here is to understand whether you qualify for Chapter 7 or Chapter 13 bankruptcy. To do this, your attorney will work with you to conduct a means test. In short, it is a way to determine if your income is too high to qualify you for Chapter 7 bankruptcy. During your meeting with our team at Michael S. Fabinski Law, you will learn more about this process.

 

If you are making too much to file Chapter 7, you may still qualify to file Chapter 13. This form of bankruptcy does not automatically discharge all of your debt. Rather, it reorganizes it to make it easier for you to repay. When you meet with your bankruptcy lawyer Chicago, you will learn more about which form of bankruptcy is available to you.