The Bankruptcy Means Test

Are you out of a job, falling far behind on your bills, being threatened with home foreclosure and interested in pursuing federal bankruptcy protection that could restore your peace of mind?

The bankruptcy laws are complicated and not everyone qualifies for a Chapter 7 bankruptcy. For the facts you need about qualifying for Chapter 7 bankruptcy, which liquidates your debt and gives you and your Eastern Oklahoma family a "fresh start," you should speak with Tulsa attorney Greggory T. Colpitts at The Colpitts Law Firm in Tulsa.

The "Means Test," formally known as Form B22 Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income, is a complex form and calculation created by Congress to level the playing field across the country on who can qualify for a Chapter 7 bankruptcy or in a Chapter 13 bankruptcy how much should be paid to your unsecured creditors.The Means Test begins with an average of your last six months of household income and then subtracts allowed living expenses for your household size, your secured debt payments, and other specific debts to arrive at a Monthly Disposable Income.The application of the Means Test requires an attorney to have specific knowledge with regard to the ever changing bankruptcy laws in order to reach the correct result.You need a qualified bankruptcy attorney to correctly complete your Means Test.

The American Board of Certification (www.abcworld.org) certifies attorneys who have met their extensive and rigorous qualification requirements. Greggory T. Colpitts has satisfied those qualification requirements and is Board Certified in Consumer Bankruptcy by the American Board of Certification. Finding a qualified bankruptcy attorney is your biggest challenge in filing bankruptcy and the American Board of Certification only certifies qualified bankruptcy attorneys. When you select a Board Certified bankruptcy attorney, you do not have to worry whether your attorney knows the bankruptcy laws.Many other "bankruptcy" attorneys practice in many other areas of the law and do not specialize in bankruptcy. You should not risk your financial future with a "jack of all trades".You deserve a qualified bankruptcy attorney.If you talk with any other "bankruptcy" attorney, ask if they are Board Certified in bankruptcy.When you talk to The Colpitts Law Firm, the answer will be YES and Bankruptcy is all we do.

With over 22 years of experience, The Colpitts Law Firm has the experience to explore your options and to give you the advice you need to satisfactorily resolve your debt problem and to give you back your life. We are always standing by to help when bad things happen to good people.

Experienced Tulsa Attorney For Bankruptcy Eligibility In Eastern Oklahoma

Bankruptcy law was originally intended to ensure that Chapter 7 bankruptcy protection is given to those who need it most. The means test is a formula for determining whether or not an individual would have enough money available to make minimal payments to creditors.

Before changes in bankruptcy law, there were fewer restrictions on eligibility for those who wished to discharge credit card debt, medical bills, and most personal loans through Chapter 7 bankruptcy. And for those who do not have the income to qualify for Chapter 7, a Chapter 13 reorganization to debt relief may be the best approach.

If for some reason you do not qualify for Chapter 7 protection via the bankruptcy Means Test, our knowledgeable lawyer can explain your options, give you the facts you need and spell out all available options. To meet with Greggory T. Colpitts of the Colpitts Law Firm in a free initial consultation, contact us by calling toll free at 866-647-1770 or send an email message.