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Southfield Means Test Lawyers

Helping Clients Across Michigan Receive the Debt Relief They Deserve

If you are struggling with overwhelming debt, you may be wondering if filing for bankruptcy is the right option to help you get your life back on track. While bankruptcy is a complex process that requires the help of an experienced bankruptcy lawyer, the good news is that there are several different types of bankruptcy that you can file for, depending on your current financial situation.

At Goldstein Bershad and Fried, PC, we are committed to helping you get the relief you need from your debt. We offer free consultations and can help you determine if you are eligible for one of the following types of bankruptcy:

  • Chapter 7 bankruptcy: If you have little to no income, filing for Chapter 7 bankruptcy can help discharge your debts so you do not have to worry about making payments.

  • Chapter 13 bankruptcy: If you have a steady income, filing for Chapter 13 bankruptcy can help you create a repayment plan to pay off your debts over time.

  • Student loans: If you have been struggling to make payments on your student loans, filing for bankruptcy can help you get out from under the crushing weight of your debt.

Goldstein Bershad and Fried, PC is here to help you determine which type of bankruptcy is right for you. With years of experience, our team of Means Test attorneys in Southfield, MI is well-equipped to help you successfully file for bankruptcy and get your financial life back on track.

To learn more about how filing for bankruptcy can help you reduce or eliminate your debt, contact our Southfield Means Test attorneys at (248) 213-7888 or send us an online form.

How the Means Test Is Used in Bankruptcy

The means test is an important stage in evaluating Chapter 7 bankruptcy eligibility -- it determines if your income qualifies you to file for Chapter 7, which is normally reserved for persons with limited financial resources to repay debts.

This is how it works:

  1. Gather Income Information: First, gather your income information from the previous six months.

  2. Current Monthly Income: Determine your six-month average monthly income. This is referred to as your "current monthly income."

  3. Comparison to typical Income: Compare your current monthly income to the typical income in your state for a household of your size. If your income is less than the median, you are most certainly eligible for Chapter 7.

  4. Further Assessment: If your salary is higher than the median, you must do a more thorough assessment. To determine your disposable income, deduct some permissible expenses.

  5. Disposable Income: If your disposable income is insufficient to make large payments to creditors after deducting these expenses, you may still qualify for Chapter 7.

In short, the means test determines whether your income qualifies you for Chapter 7 bankruptcy or whether Chapter 13, which entails a repayment plan, is more appropriate. Its goal is to ensure that individuals who truly need Chapter 7 relief have access to it, while those who can repay some debts are guided to Chapter 13.

Contact Our Knowledgeable Means Test Attorneys in Southfield, MI

Filing for bankruptcy can be a confusing and stressful process, especially if you are struggling against serious debt. Get in touch with our team of qualified lawyers and we can help you understand your options. In the end, we are ready to help you seek the relief you need from your debt. Reach out to us today.

To learn more about the means test, contact our Southfield Means Test lawyers at (248) 213-7888.

Why Work With Goldstein Bershad and Fried, PC?

We Have a Trusted & Proven Track Record of Success
  • 1 On 1 Attention

    You will be in direct and continuous communication with the attorney working your case.

  • 100+ Years of Experience

    We have a reputation of excellence and are an AV-rated law firm through Martindale-Hubbell.

  • Full-Service Practice

    We also provide individuals and businesses with other non-bankruptcy alternatives and financial solutions.

  • Creative Solutions

    We represent debtors and creditors, capable of viewing debt issues from every angle.

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