Pensacola, FL. – Lewis & Jurnovoy, P.A., a bankruptcy law firm in Pensacola, is sharing Chapter 7 bankruptcy knowledge within the community. The attorneys Martin Lewis and Steve Jurnovoy want to help their current and potential clients understand the complicated processes behind the Means Test, a qualifying test for those who want to file under Chapter 7 bankruptcy.
To understand the Means Test, residents must first understand what Chapter 7 is. According to Lewis & Jurnovoy, P.A., “Chapter 7 is a section of the federal Bankruptcy Code that provides for outright cancellation of most types of personal debts without a repayment plan and for possible sale of some types of nonexempt property to pay such debts.” In other words, the Means Test is a way for the state of Florida to determine whether a resident is, in fact, unable to repay their debts. Congress passed a law requiring residents to take the Means Test after it was found that people were abusing the system.
The Chapter 7 bankruptcy attorneys in Pensacola explain that the Means Test first requires residents to provide documentation of their income from the past six months. Those whose average income qualifies will pass the Means Test and can then file for Chapter 7. Many families pass the Means Test after this first section. Section 2 of the test deals with expenses and how they relate to average income. The courts want to verify if the expenses families incur monthly outweigh their income. In other words, they see if a family has little to no discretionary income left to pay their debts.
For the families that do not pass the Means Test for whatever reason, they can be reassured there is still hope. Families can still file under Chapter 13 bankruptcy with the help of an attorney.
For more information about Chapter 7 bankruptcy or to schedule a consultation with the experienced lawyers at Lewis & Jurnovoy, P.A., call their Pensacola office at (850) 432-9110 or visit their website https://lewisandjurnovoy.com/.
The primary emphasis of our law firm is in the representation of individuals in Chapter 13 bankruptcy, Chapter 7 bankruptcy,mortgage foreclosures, mortgage modifications and protecting against abusive debt collectors.
1100 North Palafox St
Pensacola, FL 32501
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