Although Chapter 7 is the most common kind of bankruptcy for consumers, it is not available to everyone. The means test was established to the bankruptcy legislation in 2005, and it is the most significant hurdle to qualifying for Chapter 7 relief. The means test examines your income and spending and knocks you out of Chapter 7 if the figures do not fall within defined parameters.
The Means Test in Chapter 7: Overview Articles
The Bankruptcy Means Test: Do You Qualify for Chapter 7?
Learn about the Chapter 7 bankruptcy means test to see whether you qualify for Chapter 7 bankruptcy. We explain the calculating technique you’ll use to determine if you’ll qualify for Chapter 7 bankruptcy.
Determine who is considered a member of your household for the purposes of the means test.
Common Errors in the Bankruptcy Means Test
The means test decides whether you are qualified for Chapter 7 bankruptcy and the duration of your Chapter 13 plan. Filling out the long form might be difficult. Find out some of the most typical errors made while completing it, as well as whether you have to fill it out at all.
Debts of Consumers vs. Non-Consumers for the Bankruptcy Means Test
Determine if a debt is consumer or non-consumer (enterprise) for the purposes of the bankruptcy means test.
The Chapter 7 Means Test and Household Size
Determine who is considered a member of your household for the purposes of the means test.
Is the income from veterans’ benefits subject to the Chapter 7 Means Test?
Under the Chapter 7 bankruptcy means test, you must count veterans’ benefits as income.
Is it necessary to disclose my spouse’s salary on my bankruptcy petition even if I’m filing alone?
You must mention your spouse’s income on your bankruptcy filings even if you file without your spouse.
Is Social Security Income Considered in the Chapter 7 Means Test?
Is Social Security and unemployment income included in the means test?