2005 Bankruptcy Act Means Test
Before you can file for Chapter 7 bankruptcy, you must undergo a two-part means test to determine their eligibility. The bankruptcy courts will use a formula to determine if your income is below the state’s median income. After subtracting expenses such as your rent, utilities, and food, the courts will determine if you can afford to pay 25 percent of your unsecured debts.
Next, your non-priority income will be compared to Massachusetts’ median income, and you won’t be allowed to file for Chapter 7 bankruptcy, but Chapter 13 is still an option.
Why Should I Hire a Bankruptcy Lawyer Massachusetts?
To complete the bankruptcy process, you need to choose the method that is right for you considering your finances and your debts. If you have decided to file for bankruptcy, you need to understand the different structures, how they will affect your finances and how long it will take you to complete bankruptcy. USAttorneys.com can help you locate a bankruptcy lawyer near you in Massachusetts. They will look at your finances and help you decide which structure is better for you.
Our team of debt relief specialists will help you with all aspects of your bankruptcy filing including gathering your paperwork and financial documents. Their expertise and advice will be instrumental throughout all stages of your case. Call one of the knowledgeable attorneys today.
Your bankruptcy paperwork should be filed with one of the following bankruptcy courts in Massachusetts:
US Bankruptcy Court
595 Main St #211, Worcester, MA 01608
United States Bankruptcy Court
5 Post Office Square, Boston, MA 02109
