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What a means test means

Many residents in New York have found themselves in tough financial spots over the last few years. If you are one of them, you may feel trapped and hopeless. That is the sad truth about money problems -- they can really put you through the ringer emotionally. Did you know that there may be a way for you to help yourself? First, you will need to take a means test.

Means test. What is that? Where do I get one? What do the results even mean? These are all good questions to ask.

Means test basics

A means test is a set of forms that ask you questions about your income and the median income of your state. You can obtain the needed forms either online or from a bankruptcy attorney. Attorneys recommend getting them in person in order to ensure you receive the correct questionnaires. The purpose of these forms is to determine bankruptcy eligibility.

Taking the means test

No one really likes the word test. But this is not like a pop quiz or a major final. It is a simple test in which you compare your income to the median income for the state of New York. To do this, all you need to do is gather your personal financial statements and look up the median income level listed in the current census records.

What does the means test mean?

After filling out the necessary forms, there are pages of numbers left. What do they mean? Well, when you compare your income to the state median, if yours is lower, this means you may pursue a Chapter 7 bankruptcy in order to seek relief from your debt obligations. If your number is higher than the median, the only bankruptcy option that may be available to you is a Chapter 13. It will all depend on what your disposable income looks like.

It is okay to ask for help

Freeing yourself from your debt obligations is a desirable goal. Who wouldn't want that? Some people just find that they need more help than others in order to accomplish this. Bankruptcy and other debt relief options may be available to you. It is a matter of researching options and asking questions to find the one that best suits your needs and future goals.

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