If you are considering filing for bankruptcy in Charlotte, North Carolina, it is important to know the proper steps to take. The initial phase of the process is to take the means test. The purpose of this test is to determine whether you should pursue a Chapter 7 or Chapter 13 bankruptcy. It examines many factors to determine your best course of action. It will initially assess whether you should file for a Chapter 7 bankruptcy. It has been used to screen individuals who would be better off paying of a portion of their debts. If the debtor is unable to benefit from Chapter 7, they may be eligible for Chapter 13.
If you want to find out more about the means test and the information you will need, please feel free to contact a Charlotte bankruptcy lawyer from our firm. With more than 15 years of experience, our firm can provide you with the answers you need to successfully navigate this step. The means test is used to distinguish between those who are able to liquidate their assets and those who should establish a payment plan.
If you have failed the means test that means that you are not able to file for Chapter 7 bankruptcy. You may be eligible to file for Chapter 13 bankruptcy. Chapter 7 liquidates your debts while Chapter 13 sets you on a payment plan to repay a specific portion of your debts. At the Law Office of Jack G. Lezman, P.A., we have the experience and tools to help you take the means test and file. The means test was established in 2005 when many shifts in bankruptcy law took place. A Charlotte means test lawyer can provide you with the information you need for your case. Contact our firm to discuss how the means test can affect your situation.