Chapter 7 Eligibility And The Means Test
What You Need to Know About the Chapter 7 Means Test
If you are considering filing for Chapter 7 bankruptcy, you must first pass the means test. This is the part that many individuals can get overwhelmed with. The good news is that you do not have to figure it out on your own! Alexander Hilton & Associates has helped countless clients successfully navigate their Chapter 7 bankruptcy filings and can do the same for you.
With more than two decades of proven experience under our belts, we know how to quickly and effectively determine when our clients are eligible to file under Chapter 7. When you come to us, we will help you gather all financial documents, calculate your current monthly income accurately, and assess whether Chapter 7 will work for your situation.
Have questions about the Oklahoma means test?
Contact our Chapter 7 attorneys in Oklahoma City online or call (405) 725-1441 today!
How to Determine Your Eligibility for Chapter 7 Bankruptcy
The means test in Oklahoma measures a person’s finances against the average in their area to determine if they will be eligible to file for Chapter 7 Bankruptcy. If your monthly level of income averaged over the last 6 months is below the median income of a household in your area, then you automatically pass the means test.
However, if your income is above the median, you can still qualify for Chapter 7 though more calculations via the Means Test. Even people whose earnings are substantially higher than median income may qualify through application of all available "IRS regional means test deductions" and "allowances". For instance, tax withholdings, insurance costs, auto expenses, above-average medical expenses, charitable contributions and many other expenses can be used to reduce gross monthly income and qualify those who might not otherwise qualify.
ONLY A highly experienced Chapter 7 attorney knows all of these and how they can be applied in your case. You need an advocate who understands exactly how to qualify you when others can't or won't because they don't know how or are unsure. Alexander Hilton & Associates has saved clients hundreds of thousands this way.
Unlock Your Financial Freedom with Chapter 7 Bankruptcy
Chapter 7 bankruptcy can provide a fresh start for individuals struggling with overwhelming debt. By working with our experienced bankruptcy attorneys at Alexander Hilton & Associates, you can maximize your debt relief and take control of your financial future.
Benefits of filing for Chapter 7 bankruptcy include:
- Immediate protection from creditor harassment
- Elimination of unsecured debts such as credit card balances and medical bills
- Potential to keep certain assets through exemptions
- Faster debt resolution compared to other bankruptcy options
- Opportunity for a clean financial slate
Our team will guide you through the entire Chapter 7 bankruptcy process, from determining your eligibility through the means test to filing the necessary paperwork. Take the first step towards financial freedom by scheduling a free initial consultation with our bankruptcy team today.
What Are the Chapter 7 Income Limits in Oklahoma?
Below is a table showing the Oklahoma median income standards for the Means Test. These are for cases filed on or after May 1, 2022.
| Size of Household | Monthly Income | Annual Income |
|---|---|---|
| 1 | $4,093.92 | $49,127.00 |
| 2 | $5,315.75 | $63,789.00 |
| 3 | $5,682.75 | $68,193.00 |
| 4 | $6,618.83 | $79,426.00 |
| 5 | $7,368.83 | $88,426.00 |
| 6 | $8,118.83 | $97,426.00 |
Exceptions to the Means Test
In several situations, individuals can gain somewhat of a fast-pass to filing Chapter 7 bankruptcy, without having to qualify for the means test.
Those that can be considered exceptions to the means test include:
- Disabled veterans who incurred 50% or more of their debts while on active duty;
- The National Guard and members of the military reserve
- Persons whose debts are at least 50% business related (non-consumer debts)
- Social Security income is not included in means testing
Need Help With the Chapter 7 Means Test? Call (405) 725-1441.
Alexander Hilton & Associates has guided clients to debt-free life since 1990. Recognized as one of the Top 3 bankruptcy lawyers in Oklahoma City by Three Best Rated in 2020, you can rest easy knowing that your matter is in experienced hands. If you need assistance with the means test or are wondering if Chapter 7 is the right solution for you, reach out to us today. We are ready to discuss the details of your matter, help you make informed financial decisions, and free you from the shackles of debt.
Find out if you qualify for Chapter 7 today! Call (405) 725-1441 to speak with a Chp. 7 attorney in OKC.
What Sets Us Apart
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Representation From a Law Firm With One of the Highest Client Satisfaction Ratings in the State.
Our dedication to client success has earned us top satisfaction ratings, ensuring you receive trusted, results-driven legal support.
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Personalized Attention From Start to Finish.
We take a hands-on approach to your case, providing direct support and tailored legal guidance every step of the way.
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Affordable Chapter 7 Bankruptcy Payment Options.
We offer flexible payment plans to make Chapter 7 bankruptcy more accessible, helping you move forward without added financial stress.
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Evening and Weekend Appointment Availability.
With evening and weekend appointments, we make it easy to get the legal help you need, on your schedule.
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A wonderful, professional attorney who cares! Recently we were at our darkest moment, financially speaking. However, Mr. Hilton clearly explained our legal rights and obligations and demystified the bankruptcy process for us. No surprises at all -- I could not recommend him more highly!Aaron
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Calling Alex was the best decision we have made!!! We were in a bad situation and had previously recieved some bad advice that made our financial situation even worse. Alex agreed to meet us the same day we called him and he even stayed late to do so! After looking over our mess, he gave us his advice and he answered EVERY SINGLE QUESTION we had! The rest is history! He did everything he said he would!! If you need help and are looking for a bankruptcy attorney, then look no further!! Call Alex today! You will not regret it!Kenna
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Our case was complicated and our situation was dire. I was a nervous wreck. Mr. Hilton assured me that once I stepped foot in his office that our problems because his problems and to no longer worry about it. Of course we are only human so that wasn’t possible however, true to his word he took our case, which wasn’t just a straight forward easy chapter 7, and got it sorted out and got our discharge. I would HIGHLY recommend him.Steven
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My mother and I have used Mr. Hilton's services on two separate occasions, and we cannot say enough good things about him -- as an attorney, and as a person. He is approachable, polite, transparent about his business practices, sympathetic to each client's particular financial situation and, of course, very knowledgeable about the laws pertaining Chapter 7 bankruptcies. Whenever either of us had a question about the process, he answered our queries thoroughly, making sure we understood everything we needed to before moving forward. Subsequently, what could have been nightmarish ordeals for us both instead were handled with relative ease and care. If you are looking for someone to help you get back on track financially without judgment or the fear of being overwhelmed by what can be an arduous and costly process, then Alex Hilton is your man.Khan
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My wife was so nervous to file bankruptcy and Mr. Hilton talked with her and gave her the history of bankruptcy and the reasoning that is was the right thing to do in our case which set her mind at ease. Mr. Hilton is always there if we have questions and always quick with return emails and phone calls. Even months after everything is finished he is still there for us. Cannot recommend this man highly enough to do him the proper justice.L & M Johnson
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It's been almost a year since Mr. Hilton saved us from a desperate situation. He helped us overcome an incredible burden and helped relieve a tremendous amount of financial stress we were dealing with on a daily basis. Personally, I was terrified and overwhelmed and he helped make an impossible situation manageable and he did so with patience and extreme kindness. He answered all of our questions and was always prompt with returning phone calls. The entire process was seamless for us and we couldn't have asked for a better attorney to represent us during the bankruptcy process.M&S B.
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After having a flake for our 1st attorney, Alex Hilton turned our case around and got us amazing results. He worked hard on our mess of a Chapter 13 case. I will recommend him to anyone I know that is in need of a Bankruptcy Attorney. He is kind , compassionate and doesn't mess aroundFormer Client
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