Oklahoma City Bankruptcy Lawyer: Means Test

Do you qualify for bankruptcy?

The bankruptcy firm of Mitchell | Hammond has helped many clients in Oklahoma with overwhelming debts and serious financial difficulties. It is best to seek legal advice for a resolution to debt problems and continuous collection activities. The bankruptcy courts offer protection for debtors from creditors and the ability to discharge or reorganize certain debts while retaining personal assets and real estate. To learn more about bankruptcy, and how it may help your situation, contact an Oklahoma City bankruptcy lawyer who can assist you at each step of the bankruptcy process. If a client wishes to file for bankruptcy after an evaluation of the financials and receiving information about the advantages and possible disadvantages of bankruptcy, it is necessary to take a bankruptcy Means Test to determine the qualification for bankruptcy. Our attorneys are experienced in all aspects of bankruptcy and in administering the test.

What determines the type of bankruptcy to file?

There are three types of bankruptcy, chapter 7, chapter 13 and chapter 11. The most desirable because it is the least expensive, easiest and fastest is chapter 7. In order to see if the client can file a chapter 7, there are certain requirements. The Means Test consists of calculating the last 6 months of income and specific expenses, which equals the amount of disposable income for the individual. It is important to have assistance from an experienced attorney because the test may have additional determining factors that are specific to particular geographic areas. If the test results indicate a certain amount of disposable income within the allowed amounts, then the individual may file for chapter 7 bankruptcy. If the disposable income is larger than is allowed for filing chapter 7, then the debtor may seek relief from the courts by filing for chapter 13 bankruptcy. Business entities may benefit from chapter 11, which in some circumstances is available to individuals who do not qualify for chapter 13. Call today for a consultation with a bankruptcy attorney who can help with the bankruptcy Means Test.

Contact an Oklahoma City b ankruptcy means test attorney if you need assistance with the Bankruptcy Means Test and are considering filing for bankruptcy.