Valencia Bankruptcy Attorney
Do you qualify for bankruptcy? Take the means test!
In order to determine if
bankruptcy can help you through an overwhelming financial situation, an attorney from the
RJB Law Offices can help you take the means test. The means test is a quick qualification
process that helps a debtor determine which chapter of
bankruptcy they can legally qualify for, and essentially which will be the most beneficial
for their situation. The means test is conducted as follows:
If a debtor falls below the median income for the state of California,
they will be considered unable to pay back their debt in a reasonable
amount of time and therefore qualify for
Chapter 7 bankruptcy.
If a debtor makes more than the median income for the state of California,
they will not be eligible to file for Chapter 7 bankruptcy. This debtor
will have other options, including
Chapter 13 bankruptcy.
By quickly assessing your situation, you may determine whether Chapter
7 or Chapter 13 bankruptcy would be better for you in your current financial
situation. However, before you file your bankruptcy petition, talk to
a Santa Clarita bankruptcy lawyer to understand the legal ramifications
and obligations of bankruptcy, and if an alternative would be a more viable
option for you.
Other Alternatives to Bankruptcy in Santa Clarita, CA
When a person finds that they may file for bankruptcy according to the
means test, they may either proceed with the legal process or seek an
alternative. Often times, when a person realizes that they do not qualify
for Chapter 7 bankruptcy, or the quick and effective method of bankruptcy,
they steer away from Chapter 13 and look towards options such as debt
debt settlement or a
loan modification. Each person's financial situation will differ and will require a
different approach, so do not forget to talk to your
bankruptcy lawyer before coming to a final decision.
Contact a Santa Clarita bankruptcy attorney at our office today.