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 means test.
A major part of the Chapter 7 means test involves comparing your income to the median income in their state.
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 you file Chapter 7 bankruptcy, you must complete the Chapter 7 means test, which is used to determine if you qualify to file.
The means test isn’t like the exams you saw in school. Rather, the means test looks at your debts, income and assets. Because Chapter 7 bankruptcy is such a powerful tool for [...]

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