Chapter 7 Bankruptcy in Maryland | What Is the Means Test?
Chapter 7 bankruptcy offers powerful relief for people going through serious financial problems. If you have substantial debts and do not know if you will be able to repay these debts, Chapter 7 bankruptcy can give you a fresh start. However, the decision to file bankruptcy is a very important decision that will impact your life in many ways.
If you have decided that bankruptcy is the best choice for your situation, you need an experienced lawyer at your side. From his office in Frederick, Maryland, Mr. Boyce has helped many people throughout the Tri-State region the bankruptcy process. Call today to set up a consultation with his office.
Before you can file Chapter 7 bankruptcy, you will have to pass what is known as the "means test." Simply stated, if your household income is less than the median household income in your state, you will be eligible for debt relief under Chapter 7. If your household income is greater than the median income, you may still be able to file Chapter 7 under certain circumstances. Mr. Boyce is experienced in preparing the "means test" to determine if you are eligible. He can also determine if you can keep your property while at the same time getting rid of your debt under Chapter 7.
In conversations with his bankruptcy clients, Mr. Boyce has found that one of the major concerns is losing their property. In most cases, the clients will not lose any property that they want to keep. Either your property will be exempt from liquidation or we will take other steps to preserve your rights to your property. If you could lose your assets in Chapter 7, Chapter 13 bankruptcy may be a better option. You can count on the Law Office of Arthur W. Boyce to do what is best for your individual situation.
Call 240-575-1033 or e-mail the Law Office of Arthur W. Boyce to discuss whether bankruptcy will work for you. Located in Frederick, we serve clients throughout Maryland, Pennsylvania and West Virginia.
The Law Office of Arthur W. Boyce is a debt relief agency which will help you obtain relief under the Bankruptcy Code.