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State Median Incomes for Chapter 7 Bankruptcy
Means Test – Median Income Requirements Law changes in 2005 now require bankruptcy filers to pass the Chapter 7 means test. A major component of the means test is that you compare your income to the median income level in your state. If your income is less than your state’s median income level, then you […]
What is the Chapter 7 Means Test?
Before filing Chapter 7 bankruptcy, you must qualify under the Chapter 7 means test, which is used to determine if you are eligible for 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 […]