The Ohio Bankruptcy Means Test

The stress and worry caused by financial difficulty can usually be alleviated by seeking debt relief through filing for bankruptcy. You may even be asking yourself, “can I file bankruptcy?” The short answer is yes, almost anyone can file. The more difficult question is whether Chapter 7 or Chapter 13 bankruptcy makes the most sense in your situation.

The attorneys at Rauser & Associates Legal Clinic LLP have extensive experience providing legal guidance to clients throughout Ohio. We understand the struggles that people face when confronted with mounting debt — credit card debt, medical bills, utility bills, student loans and mortgage payments, for example.

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In the last decade, certain changes to the Bankruptcy Code made the determination between Chapter 7 and Chapter 13 more of a question of eligibility. Individuals must pass what is called the “means test” to be able to file for Chapter 7 bankruptcy. If an individual cannot file Chapter 7 bankruptcy based on his or her means test, Chapter 13 bankruptcy is likely still an option. An experienced bankruptcy attorney can make a substantial difference. It pays to work with daily bankruptcy court experience when your financial future is at stake.

What Is The Chapter 7 Means Test?

In 2005, the United States government made substantial changes to the Bankruptcy Code. The most significant change was the development of the means test. An individual or family’s eligibility for Chapter 7 debt elimination is largely driven by this test. By examining your income versus your state’s median income, you can gain the ability to file for debt elimination rather than the debt repayment of Chapter 13. Additionally, many individuals decide that Chapter 13 is the better option for their financial future based on their assets and the exemptions available to them.

With any situation, it is crucial to discuss your financial concerns with an experienced bankruptcy lawyer. We will carefully examine your finances and provide valuable insight into your best course of action. When you need a knowledgeable Ohio bankruptcy means test attorney, contact our firm.

Get Individualized Answers

If you have further questions about your bankruptcy options, including the means test, contact any of our convenient Ohio offices by calling 888-843-5787. Offices in Columbus, Cleveland, Akron, Youngstown, Canton and throughout Ohio. Someone is available six days a week to discuss your options.

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