Bankruptcy Means Test
Indianapolis Bankruptcy Means Test Lawyers
Am I Eligible for Bankruptcy?
The means test can help determine if you are eligible for bankruptcy, but it does not contain every factor that will present a comprehensive picture of your financial situation. It is a fairly rigid collection of guidelines assembled by the Internal Revenue Service (IRS) to determine whether a debtor qualifies for bankruptcy protection. The means test can help determine what type of bankruptcy filing an individual, family or business owner qualifies for, but it does not always present an accurate determination of which personal or business bankruptcy chapter is in our clients' best interests.
At Redman Ludwig, P.C., we fully evaluate each client's case individually. We will customize your solutions and help you pursue the debt relief option that is best for your particular situation. The means test is one of several tools that a responsible lawyer should use to evaluate your case. It calculates living expenses, income, number of dependents, the value of certain assets, property and several other factors similar to an income tax return, but it does not cover everything that will help us determine your best option.
Complete Evaluation of Your Financial Situation in Your Best Interests
Our attorneys will look at additional factors that affect your ability to qualify for bankruptcy and the bankruptcy chapter that can most closely accomplish your goals, including:
- Previous bankruptcy filing history
- Trends in your past and recent use of credit
- Valuations of assets based on depreciation and current market value
- Net income after taxes and living expenses
After credit card payments, loan payments, medical bills, child care and other expenses are accounted for, your actual discretionary income could be much lower than the means test calculates. Such an evaluation could have a significant impact on the bankruptcy chapter you qualify to file for.
We assist individuals, families and business owners throughout central Indiana gain a comprehensive understanding of their bankruptcy and other debt relief options. Our team of attorneys has a foundation of more than 60 years of collective experience, providing our clients the resources, knowledge and customized strategies to realize their financial goals. Our guidance can help you maintain tax efficiency and protect your property with the option that is right for you.
Free, Informative Consultations: Call 866-660-6928 or 317-800-6181
Take action and pursue a fresh financial start with personalized service from our Indianapolis bankruptcy means test attorneys. Contact us today. We respond quickly to client needs with efficient, dependable, personalized counsel.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.