Affordable Joliet Bankruptcy Lawyer and FREE BANKRUPTCY INFO!

Means Test in Will County, IL Bankruptcy Cases

Since the new bankruptcy law went into effect in October of 2005, people in Joliet or Will County who want to file for Chapter 7 Bankruptcy have to pass what is known as a means test. The Chapter 7 means test is a formula applied to determine whether or not the consumer would have enough.  A good local Will County bankruptcy lawyer can help guide you through this complicated process.

The Chapter 7 means test is an attempt to reserve Chapter 7 bankruptcy for those who really have no means to pay. The goal of the means test is to push those who have disposable income into Chapter 13 bankruptcy plans so that their creditors will receive at least partial payment.

 

Can I Do The Means Test Myself?? (Will County Bankruptcy)

I continue to meet with clients Joliet and Will County bankruptcy clients who have “filled out the means test” and then proceed to announce their results in our meetings. Given the difficulty even in the legal community about how to apply the means best, I can’t believe it is a good idea for a non lawyer to attempt this difficult task.

There are many difficult issues such as how to deal with income from non filing spouses; from roommates or extended family member; and how to handle business expenses for the self employed. One bankruptcy appellate panel recently decided that even many Judges can figure out how to correctly apply the Means Test. Then there is the dispute on the deduction side about operating expenses for paid for cars; allowances for older cars; debts associated with property you’re surrendering, and just what part of your telecommunication expenses go on the form.

I truly believe Joliet and Will County residents should get the advice and help of an expert Joliet bankruptcy attorney who practices in the field of bankruptcy, so they can feel confident in the conclusion drawn from completing the Means Test properly.

Get an experienced bankruptcy lawyer involved to help you. Hamilton & Antonsen, Ltd located in the heart of Joliet can give you a great price on a divorce and make sure it is done right! 815.729.9220.