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Bankruptcy Means Test

Bankruptcy Means Test Raleigh NC

Bankruptcy Means Test Raleigh, NC – What Is It?

Hey there! Ever wonder how you can decide if you can file for Chapter 7 bankruptcy? That’s where the Bankruptcy Means Test comes in! This test helps figure out if you’re eligible to get rid of most of your debts, like credit cards or medical bills, through bankruptcy.

What’s the Bankruptcy Means Test?

The Bankruptcy Means Test is a way to see if your income is low enough to qualify for Chapter 7 bankruptcy, which is the type of bankruptcy where your debts can be wiped out (or “discharged”). If you pass the test, it means you don’t have enough money to pay your debts back. Sounds like a big help, right?

Here’s how it works:

The test looks at your income from the last six months and compares it to the median income of a family the same size as yours in North Carolina. If your income is lower than the median, congratulations—you probably qualify for Chapter 7! If it’s higher, don’t worry just yet. The test will then look at your expenses, like rent, groceries, and other important stuff, to see how much you really have left over to pay back debts. If there’s not much left after paying for those things, you still might qualify!

Why Is the Bankruptcy Means Test Important?

The bankruptcy means test is super important because it makes sure that Chapter 7 bankruptcy is for people who truly can’t pay back their debts. If you pass, you might be able to get rid of your debt and have a fresh start!

But if you don’t pass, it’s not the end of the road. You might be able to file for Chapter 13 bankruptcy instead, which lets you pay back your debts over time. So, there’s always a solution!

Filing for Bankruptcy in Raleigh, NC

If you’re thinking about filing for bankruptcy in Raleigh, NC, it’s a good idea to get help from a bankruptcy attorney. They can guide you through the means test and figure out what’s best for your situation. At Cameron Bankruptcy Law, we’re here to help you understand your options and get the debt relief you need.

Bankruptcy might sound scary, but it’s really just a way to stop things like wage garnishments and debt collector calls. We’ll make sure you have all the information you need to make the right choice for you!

If you’re ready to take control of your finances, let us help! Contact Cameron Bankruptcy Law in Raleigh, NC, and we’ll walk you through the means test and your bankruptcy options.