Means Test

Bankruptcy Attorney in Nevada

Many Americans are in desperate need of help regarding their financial situations.  A Nevada bankruptcy attorney can assist you by going over your options in a way that you can clearly understand.  Although it may not seem like there is a solution, finances can be worked out with skilled assistance.  For many, bankruptcy is the best option.  Bankruptcy filing allows you to discharge your debts or reorganize them in a way that makes them more easily handled.  For many Americans, it is a life-saver and allows them to gain the financial freedom they once had.

In order to qualify for Chapter 7 bankruptcy, you must make less than the median income for the area you live in.  If your income is more than this amount, you may still qualify but you must submit to a means test. 

Bankruptcy Attorney in Nevada

A means test simply determines how much disposable income you make.  In order to determine this amount you take your monthly expenses for rent, utilities, and other items not included in the bankruptcy and deduct it from the amount of income you make every month.  That income is then multiplied by 60 in order to discover how much money is available to pay your creditors over 5 years.  If the total amount equals over $10,000, you will not be eligible for Chapter 7 bankruptcy.  In certain circumstances, however, the judge may decide to allow you to proceed with Chapter 7 bankruptcy.  For others, Chapter 13 bankruptcy is still an effective and relatively easy way to pay back your debts without the stress of creditors calling you and unmade payments looming over you. 

Those that are eligible for Chapter 7 will be able to keep many of their assets.  Exempt assets can be reviewed with an attorney before filing but usually include: your home, car, retirement plan, and personal items.  At Price Law Group, we have helped so many overcome financial crises and we want to help you too.

Contact a Nevada Bankruptcy Attorney today.