Debt ReliefBeyond the Chapter 7 Means Test in California: Debt Relief Solutions

July 18, 20200

Have you done some research into the Chapter 7 means test in California for bankruptcy, just to learn it’s opaque and confusing? Were you intimidated or just put off by how complex bankruptcy and bankruptcy law can be? That’s perfectly understandable. No one wants to have to go through the bankruptcy process, and when you do need debt relief, it can feel like there’s nowhere to turn. At the Larkin Law Firm, we provide customized debt relief solutions backed by years of experience. 

Failing the Chapter 7 Means Test in California 

It’s important to note that when we mention the “Chapter 7 means test,” it’s not a test like the ones you took in high school. This isn’t something that you study for, that you have to review and then remember pertinent facts to pass. Instead, it’s a “means test,” so it consists of going through your assets, the money you make, the money you have, and so forth. Should you “fail” this test, it only means that you’re not eligible for Chapter 7 bankruptcy. It does not mean that you are precluded from debt relief solutions. In fact, here at the Larkin Law Firm, we’ve helped many people who “failed” this test to find a way to solve their debt relief that ended up fitting them perfectly, providing them with a financial fresh start. 

Chapter 7 Means Test in California

What’s Often Exempted in a Chapter 7 Bankruptcy 

There are bankruptcy exemptions available in a Chapter 7 bankruptcy that are unique to Chapter 7. For example, much of your assets, as well as your property, can be exempt from liquidation in this particular kind of bankruptcy. This also is determined quite a bit by the state you’ve filed for bankruptcy in. California, to use an example, makes it so that your primary vehicle, the equipment you use for work, household items, and even the equity in your home are exempt from liquidation. Think of how starting over again, with each of those still in your possession, can give you a real leg up. We can help. 

More Solutions in Less Time 

When some people worry about their mounting debt, they might think of bankruptcy as the kind of thing that takes months and months in court. Or, alternatively, they have to go through all kinds of training classes. That isn’t the case with a Chapter 7 bankruptcy. For example, it usually involves just one court appearance, which is just about a month after your case is filed. By that same token, the typical Chapter 7 involves a Debtor Education Course, which takes all of one hour to complete. 

More than Just Chapter 7 

You might have read this far in the blog and thought: “Chapter 7 bankruptcy sounds like it might be right for me.” Perhaps. This is why it’s so important to have a debt professional go over your situation: so that you get the kinds of debt relief solutions that provide genuine relief. Call us today for a free consultation at (760) 316-6669.

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The Larkin Law Firm is a debt relief agency. In addition to other debt relief services provided, we help individuals and businesses file for bankruptcy protection under the Bankruptcy Code.

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