Savannah Means Test Lawyer

Helping Clients Who Have Limited Means

If you are filing for bankruptcy, you will have to complete a Means Test to determine if you qualify for a Chapter 7 or Chapter 13 bankruptcy. This test will determine if you have the ability to repay your debts or if you should be required to pay some of your debts. If you pass the Means Test, you will be entitled to file for Chapter 7 bankruptcy. If you do not pass the Means Test, you will be required to file for Chapter 13 bankruptcy.

At Barbara B. Braziel Attorney At Law, we have helped countless individuals through the Means Test process. Our firm has over 30 years of experience handling bankruptcy cases in Georgia. We are here to help you through this difficult time and make sure that you receive the best possible outcome.

Schedule a free initial consultation with our Savannah Means Test attorney by contacting us online or calling (833) 522-1069 today.

What Is Meant by the Means Test?

The Means Test is a mathematical calculation based on your income and expenses. If you have a low income and high expenses, you will likely pass the Means Test and be eligible for Chapter 7 bankruptcy. If you have a high income and low expenses, you will likely fail the Means Test and be required to pay some of your debts in Chapter 13 bankruptcy.

How to Calculate Your Monthly Disposable Income

Calculating your monthly disposable income is an important step in the Means Test. To calculate your disposable income, you must first determine your monthly gross income. You can do this by adding your total monthly income from all sources. If you are married and filing for bankruptcy jointly, you will add your spouse's income as well.

Next, subtract your monthly living expenses. These expenses include your basic living expenses, such as housing, food, transportation, and other necessities. The amount that is left over is your monthly disposable income.

Some of the expenses that are taken into consideration include:

• Rent or mortgage
• Utilities
• Medical expenses
• Insurance
• Food
• Clothing
• Transportation
• Children's expenses
• Alimony

The Means Test is designed to determine if you have the ability to repay your debts. If you have a low income and high expenses, you will likely pass the Means Test and be eligible for Chapter 7 bankruptcy.

How to Calculate Your Disposable Income

Once you have determined your monthly disposable income, you will need to calculate your disposable income for a 6-month period. You will need to use the 6-month period that includes the date that you filed your bankruptcy petition.

To calculate your disposable income for the 6-month period, you will take your monthly disposable income and multiply it by 60%. If your disposable income is less than the state median income, your disposable income for the 6-month period will be considered to be zero.

The state median income is calculated based on the county where you live. You can find the state median income for your county on the Georgia Bankruptcy Court website.

If your monthly disposable income is more than the state median income, you will need to calculate your disposable income for the 6-month period by taking your monthly disposable income and dividing it by 6. You will then add 20% to this figure. This is the amount that you will need to pay to your creditors.

The Georgia Means Test Calculator

To help you determine if you will pass or fail the Means Test, we have created a free Georgia Means Test calculator. All you will need to do is enter your monthly income and expenses to calculate your disposable income.

The calculator will also calculate your state median income and let you know if you will be required to pay your creditors.

Contact Our Savannah Means Test Lawyer Today

If you are considering filing for bankruptcy, you will need to complete the Means Test to determine if you qualify for Chapter 7 or Chapter 13 bankruptcy. Barbara B. Braziel Attorney At Law has over 30 years of experience helping clients through the Means Test process. We can help you determine if you will pass or fail the Means Test, and we can help you determine if you should file for Chapter 7 or Chapter 13 bankruptcy.

Schedule a free initial consultation with our Savannah Means Test lawyer by contacting us online or calling (833) 522-1069 today.