Bankruptcy Basics: Taking the Mystery Out of The Median Income/Means Test

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress. On today’s program, we take the mystery out of the median income/means test to qualify for bankruptcy.

Bankruptcy issues covered on this show:

1. How does the Chapter 7 means test limit bankruptcy protection to only the individuals who need it?
2. What happens if your income is more than the median income but you still cannot pay your debts?
3. If I repay or agree to repay some of my debts, can I then pass the income means test for Chapter 7?
4. If I do pass the income means test, under what circumstances is a bankruptcy most beneficial?

Joseph Wrobel has been a practicing attorney since 1973 and has experience in a wide variety of law relating to legal matters for individuals and families. Wrobel helps clients get out of debt and get a fresh start. He is an active member in several bar associations and the Bankruptcy Panel of Pro Bono Program of the Chicago Volunteer Legal Services. After serving the U.S. Army Reserve 363rd Civil Affairs Unit, Wrobel earned a B.A. in Psychology from Northwestern University and in 1973 he earned a JD from DePaul University Law School.

Visit our Chicago Bankruptcy Site online for more about the firm.