Chapter 7 Bankruptcy Means Test

Means Test: State Median Incomes

State Median Incomes
In order to file Chapter 7 bankruptcy, you must prove your need by passing the bankruptcy means test.
A major part of the Chapter 7 means test involves comparing your income to the state median income level.
If your median income is less than your state’s median income level then you probably qualify to file [...]

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What is the Chapter 7 Means Test?

Before filing Chapter 7 bankruptcy, you must complete the Chapter 7 means test, which is used to determine if you qualify to file this form of bankruptcy.
The means test looks at your debts, income and assets. Because Chapter 7 bankruptcy is such a powerful tool for erasing debt, the courts want to ensure that it [...]

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