Jacksonville Chapter 7 Bankruptcy Attorney
If you are struggling with overwhelming debt, you may be wondering what your options are. While many people are hesitant to pursue bankruptcy, it may be the best way to get a fresh start. Chapter 7 bankruptcy, also known as liquidation, can help you eliminate most of your debt and get your finances back on track. At The Law Office of David C. Meltzer, PLLC, we have the knowledge and experience to guide you through the Chapter 7 process. We can help you get the fresh start you deserve.
If you are interested in learning more about how Chapter 7 bankruptcy can help you, contact our Jacksonville Chapter 7 bankruptcy lawyer at (904) 418-7454 to schedule a free initial consultation.
Chapter 7 Eligibility
To qualify for Chapter 7, you must pass the "means test" to prove that you do not have the ability to repay your debts. If you pass the means test, you will not have to repay your unsecured creditors.
If you do not pass the means test, you may still qualify for Chapter 7 if:
- You have little disposable income
- Your debts are primarily consumer debts
- You have few assets
If you have significant assets or debts, you may be better off filing for Chapter 13 bankruptcy. We can help you determine if you are eligible for Chapter 7, and if not, what your other debt relief options are.
What Is the Means Test?
The means test determines your ability to repay your debts. This “test” is based on your income and expenses. You must pass to qualify for Chapter 7 bankruptcy.
The means test requires you to:
- Calculate your current monthly income
- Subtract your allowable living expenses
- Compare your current monthly income to the median income for a similar household in the state
If your income is less than the median income, you automatically pass the means test. If your income is higher than the median, you must calculate a certain percentage of your disposable income to determine what percentage of your debt you can afford to repay.
You may be able to pass the means test if your disposable income is far below the median. If your disposable income is close to the median, you may be better off filing for Chapter 13 bankruptcy.
Our Jacksonville Chapter 7 Bankruptcy Attorney Can Help
Attorney David Meltzer can help you determine if you qualify for Chapter 7 bankruptcy and then guide you through every step of the bankruptcy process, from the initial consultation to filing, court hearings, and beyond. Our firm's goal is to help get you back on your feet, including defending your home from foreclosure, ending creditor harassment, and protecting your financial future.
At The Law Office of David C. Meltzer, PLLC, we have nearly a decade of experience helping clients get the fresh start they need. We are committed to providing personalized attention to each of our clients in order to help you get the debt relief you deserve.
To learn more about how Chapter 7 bankruptcy can help you, contact our Jacksonville Chapter 7 bankruptcy lawyer at (904) 418-7454.
