Published On: November 14, 2013
When filing a bankruptcy it is very important that a consumer understand the dictates of the “means test”.
The means test numbers change twice a year.
Each consumer filing for bankruptcy must fill out a document known as the means test. A means test is a summary of all income over the last 6 months. Depending on the family size the outcome of the means test may control whether the consumer can file a chapter 7 bankruptcy or a chapter 13 bankruptcy. The means test has specific amounts for a specific family size. The means test numbers change twice a year and may go up or down.
We have several videos on our web site. Below are a few that might be of interest:
- “Chapter 7 Bankruptcy Process”
- “Chapter 13 Bankruptcy Process”
- “Meet Ms. Drain and Suggestions on How to Hire an Attorney”
MUSINGS BY DIANE:
Many people ask me why they should pay an experienced bankruptcy lawyer to file for bankruptcy. I explain that there are many subtle issues that affect them throughout the bankruptcy. Right now one issue dealing with the means test is that a family of 1 or 2 will be better filing their bankruptcy before the mean test change again. But, a family of three or more is better filing after the change. (Note – check the United States Trustee’s Office for the latest means test amounts.)
Do you think this type of disparate treatment is appropriate? I don’t, but what do you think?
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
“You folks are the BEST OF THE BEST in Arizona.” M.H.
You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
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