Guiding You Through the Bankruptcy Process
In 2005, new bankruptcy laws were passed that require individuals to complete a means test to determine if they are eligible to discharge their debt under a Chapter 7 bankruptcy. These laws were designed to make it harder for people to qualify for Chapter 7, forcing them to file Chapter 13. However, many people who would have been eligible for Chapter 7 under the old laws are still eligible today.
At Bishop & Associates, L.L.C., our lawyers can help you determine if you qualify for Chapter 7 bankruptcy or if Chapter 13 might be a better debt relief option for you. We offer a free initial consultation for our potential clients in Fort Collins and throughout Colorado. To schedule your consultation, call 866-599-1897 today.
The Means Test
The means test is used to determine eligibility for Chapter 7 bankruptcy, and it takes into account your income and number of family members. If your income is below the median income for the state of Colorado, you will qualify for Chapter 7.
When you come into our office for your free consultation, we will give you a packet of information to fill out with details about your expenses and income. When you return with your completed packet, we will sit down and discuss your finances in detail, making sure you have included every single monthly expense.
Many people mistakenly believe that they must have very low income to qualify for Chapter 7. However, after deducting your monthly expenses from your income, there is a very good chance you may be eligible to discharge your debts, including medical bills and credit card debt, with Chapter 7 bankruptcy.
Following this meeting, we will make an analysis of whether you qualify for Chapter 7 or if Chapter 13 could be a better option for you. Chapter 13 is a great option for people who want to keep their most valuable assets such as a home when a foreclosure is pending. In Chapter 13, you will repay your debts over three to five years. We will help you design a bankruptcy solution that meets your unique financial goals.
Contact Our Larimer County Means Test Attorney
If you are paying off credit cards with other credit cards, you are doing what's called robbing Peter to pay Paul — and all the while you are falling deeper into debt. To discuss your case with one of our experienced attorneys, call 970-672-1038 or 866-599-1897 or contact us online.
