Eligibility for Bankruptcy

Bankruptcy Eligibility and the Means Test

Decent, well-intentioned people get into financial trouble, and bankruptcy laws are supposed to provide a way for a person survive an unreasonable financial situation. The new bankruptcy laws are designed to make it more difficult to get debt relief, by basing bankruptcy eligibility on a rigorous means test.

At Nevada Debt Solutions (a division of Harris Schwartz Lawyers ) in Las Vegas, we are bankruptcy lawyers. We help our clients get relief from debts through Chapter 7 and Chapter 13 bankruptcy filings. Contact our firm if you would like to discuss bankruptcy eligibility with an attorney.

Bankruptcy eligibility — Can a lawyer make a difference?

The calculations used to arrive at a decision on eligibility are not complicated, but the supporting paperwork can be confusing and discouraging. 0ur lawyer will guide you through the entire process, seeing that your application is as strong as possible.

The bankruptcy means test

The means test for bankruptcy eligibility is a complex formula. When you file a Chapter 7 bankruptcy petition, your current monthly income is determined by adding all sources of income — wages, gifts, retirement benefits, unemployment benefits and alimony (not Social Security benefits) during the previous six months and dividing by six. This current monthly income is multiplied by twelve to arrive at your annual income. The annual income is compared to the average (median) income for a household of the same size in the county where you live.

What if I am over the median household income?

If the means test shows that you make more than the median income for your area, our attorneys will advise you on other bankruptcy options, including Chapter 13 debt consolidation.

Strong Bankruptcy Representation, by an Attorney, at a Fair Price: Call 702.880.Debt

At Nevada Debt Solutions in Las Vegas, you will have access to your attorney, pay reasonable fees and begin to rebuild your life. We provide solutions for your financial challenges.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.