What is the Chapter 7 means test?

Recent amendments to the United States Bankruptcy Code have made filing for Chapter 7 bankruptcy more involved and complicated. One amendment to the code now requires applicants to pass a means test in order to determine the seriousness of their financial struggles. The means test looks at a number of factors, such as your income and monthly expenses, to judge whether bankruptcy is your only option.

For more information about the means test and how it affects you, contact a Cedar Rapids bankruptcy lawyer of Hong Law, PLC, today at (319) 294-5853 to schedule a free consultation.