The test is only for those who have primarily consumer debts, like credit card or medical debt; you don’t need to pass the means test if your debt is mainly from a business you own. For Chapter 13 bankruptcy, the test also plays a part in setting the repayment schedule. Get more fin...
Eligibility for Chapter 7 bankruptcy primarily hinges on passing the means test, a financial assessment tool used to determine whether an individual's income is low enough to qualify for debt relief under Chapter 7. We'll talk more specifically about that means test in the next section. Apart ...
A means test is an evaluation of a person's finances to determine whether or not that person qualifies for financial assistance...
Bankruptcy does not come without cost, however. In the short term, it is recommended that you hire an attorney to walk you through the process, which means you need to be able to pay those fees. In the long run, bankruptcy will remain on yourcredit reportfor seven or 10 years, dependin...
Focuses on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and the views of bankruptcy specialist Michael H. Reed. Criteria for the "means test" used in Chapter 7 bankruptcy filing, ...
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The Means Test Debtors must also pass the "means test" calculation, another document that must be completed when you file. This test was added to the Bankruptcy Code in 2005. It calculates whether you're able to afford (or have the "means") to pay at least a portion of your debts. ...
Chapter 7 Bankruptcy & Chapter 13 Bankruptcy Explained Chapter 7 bankruptcyis a four- to six-month process during which you disclose your income, assets, expenses, and debts to the court and receive a discharge of your unsecured debt. You must pass theChapter 7 means testin order to income ...
“means test” allows debtors to determine whether their income is low enough to qualify for Chapter 7 bankruptcy. The formula is meant to prevent debtors with higher incomes from obtaining Chapter 7 bankruptcy relief. If the debtor has a significant level of debt, they may still be allowed ...
If an individual fails a "means test" when filing for Chapter 7 bankruptcy and is unable to prove that their income is insufficient, they can file for Chapter 13 bankruptcy instead. (Courts are emphatic about this point because under Chapter 7, a person may not pay anything toward their deb...