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Means Test 

Brevard County Means Test Lawyer

If you are considering bankruptcy, you have likely heard someone mention the means test. The means test is the main way that your eligibility for either Chapter 7 or Chapter 13 bankruptcy is determined. This determination is important, as Chapter 7 bankruptcy discharges your debt in just 90 days, but Chapter 13 requires you to make payments and can last for up to five years. Contact Speicher & Speicher, PA, for help with your bankruptcy needs in the Cocoa, Florida, area and to find out if you qualify for bankruptcy. 

Bankruptcy Eligibility in Cocoa

There are many steps to the means test, including:

The means test examines your situation based on your gross income compared to the median income as established by the U.S. Trustee's office for your size family. 


If you make less than the median amount, then you are eligible for Chapter 7 bankruptcy.


If you make more than the median amount, then a physical means test must be conducted. 


In a physical means test, your income and all of your household expenses (such as taxes, insurance and mortgages) are analyzed. 


If your income then falls below the means test average, then you are eligible for Chapter 7 bankruptcy.


If you have income left after the physical means test is conducted, you are required to file Chapter 13 bankruptcy and the remaining income will be used to determine what your payments will be.


Because the median income amount is constantly changing, it is important that you consult with a lawyer to make sure that you receive an accurate assessment of

whether or not you are eligible for Chapter 7 or Chapter 13 bankruptcy.


Contact the firm

At Speicher & Speicher, PA, we use our more than 45 years of combined experience to the advantage of each of our clients. We pride ourselves on creating an environment where our clients feel comfortable while discussing their difficult legal issues. We have flexible hours and are available by appointment when necessary to meet our clients' scheduling needs. To see schedule a free initial consultation with a Brevard County means test attorney, contact us at 321-637-9937 or online.We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. 

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