Means Test

Waco Means Test Lawyers

Evaluating Your Financial Situation

The Means Test must be completed in order to determine whether you qualify for Chapter 7 bankruptcy. This test will determine your current income and expenses, as well as your ability to repay your debts through a Chapter 13 bankruptcy repayment plan.

If you fail the Means Test, you will not be able to file for Chapter 7. You will, however, be able to file for Chapter 13 instead. Our Waco means test attorneys are backed by over 40 years of experience and can help you evaluate which chapter of bankruptcy you qualify for and can help you fully understand what options are available for your specific situation.

Schedule a consultation with our Waco means test lawyers by contacting us online or calling (254) 690-4110.

How Does the Means Test Determine Chapter 7 Eligibility?

The means test plays a critical role in determining Chapter 7 eligibility. It's a complex calculation that assesses your income, expenses, and debts to determine whether you have enough disposable income to repay your creditors. The test is primarily aimed at preventing abuse of Chapter 7 bankruptcy, which is designed for individuals who genuinely cannot afford to repay their debts.

Your income is compared to the median income for a household of your size in your state to assess eligibility. If your income is less than the median, you may be eligible for Chapter 7. If it is higher than the median, additional computations must be performed to account for permitted expenses and deductions. If you have very little disposable income after these deductions, you may still be eligible for Chapter 7. Otherwise, you may be advised to file for Chapter 13.

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What Our Clients Say

Real Stories from People We've Helped Through Financial Hardship

At Erin Baker Shank, P.C., your satisfaction is our priority! See for yourself what our clients have to say about working with us.

    “To anyone, military or civilian, who are needing a quality Bankruptcy attorney look no further than Erin B. Shank!! You'll be glad you did, I know I am!!”
    I shopped around for a Bankruptcy attorney who would listen to my needs. As I am a retired military member of the U.S. Army, the staff at Erin B Shanks Office were friendly, personable, and knowledgeable. From beginning to end, the staff at Erin B Shank makes the process painless and easy. They answered all my questions and helped me when I did encounter a problem.
    Aaron C.
    “Erin Is The Best”
    “The staff and Erin were great. I would recommend Erin to anyone. Compared to our other law firm she saved us 10's of thousands of dollars on our bankruptcy Erin is the best we don't think we could have done it without her.”
    Previous Client
    “You cannot go wrong with a winning team on your side.”
    Making the decision to file bankruptcy is not only one of the hardest decisions to make but with it comes a certain degree of feeling shame. Erin and Melissa averted all of those feelings for me with kindness and professionalism. They talked me through every step and made the entire process as easy and stress free as possible.
    Kris L.
    “Erin gets things moved efficiently & effectively!”
    “Our case had been dragging on for years, but once she stepped in, things moved efficiently and effectively. She worked diligently, stayed on top of every detail, and always made us feel like a priority.”
    Renee H.
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  • The College of the state bar of Texas
  • AVVO Reviews
  • Client Champion
  • AV Preeminent
  • Greater Waco Chamber

Contact a Means Test Lawyer in Waco

We recognize that navigating the means test can be difficult, but you don't have to go through it alone. Our specialized Waco Means Test Attorney has over 40 years of bankruptcy experience and is here to help you. We provide a completely safe and convenient virtual consultation, assuring your comfort and well-being. Because we believe in making great legal representation cheap, we offer affordable and flexible payment plans.

Erin Baker Shank, P.C. is solely dedicated to bankruptcy law, guaranteeing that you receive competent advice customized to your specific financial position. Allow us to guide you to a debt-free future. Contact us immediately to set up your appointment and begin your journey toward financial stability.

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