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Bankruptcy May Be Your Option

Passing the means test when facing financial challenges

There is a misconception that people in Oklahoma who are struggling with overwhelming debt are doing so because of poor decisions. However, the loss of a job or a serious illness or injury can create unmanageable expenses that are difficult for many people to plan for or overcome. Those in such a situation may feel that they will never be able to manage their debt. Fortunately, people facing financial challenges have several options, including filing for Chapter 7 bankruptcy.

Part of filing for Chapter 7 bankruptcy involves passing what is known as a means test. As part of this test, the average of a filer's household income for the last six months is taken. From that amount, allowable living expenses based on household size and payments for secured debt, among other types of debt, are subtracted in order to determine a monthly disposable income.

The process can be complicated, but The Colpitts Law Firm has over 20 years of experience, allowing us to provide knowledgeable guidance for clients for are struggling with overwhelming debt. Additionally, our attorney specializes in bankruptcies. He has satisfied the requirements set for by the American Board Certification in order to receive a board certification in consumer bankruptcy.

Even if a person who is facing financial challenges in Oklahoma fails the means tests, there are still paths toward debt relief. The Colpitts Law Firm can help these people fully understand the various options available to them. For some, a frank conversation with our attorney could be the first step to a clean financial slate.

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