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The Means Test Is a Paper Tiger for Most Bankruptcy Filers

Means Test is a Paper Tiger for most bankruptcy filers

Since 2005, bankruptcy filers have been required to pass a “Means Test” to qualify for a Chapter 7 bankruptcy debt discharge.  http://goo.gl/hNjjzv  Basically, the Means Test is a formula that determines whether the Court should divert your chapter 7 bankruptcy case to a chapter 13 debt repayment plan.  This sounds much more scary in theory than it turns out to be in practice.   Only a tiny fraction of bankruptcy filers “fail” the Means Test.   This is why bankruptcy lawyers call the Means Test a Paper Tiger; it’s only scary until you look at it closely  Lawyers can accurately predict who will and would not pass the Menas Test, long before the bankruptcy case is ever filed.  Call for your free consultation: 205-989-1919.