What is the financial means test and how does it impact my bankruptcy?
One of the crucial factors in determining whether a bankruptcy case should be filed under Chapter 7 or Chapter 13 partly depends on the outcome of tests called the means test and the median income test. These tests are often used synonymously, but they measure different aspects of your eligibility to file for bankruptcy under Chapter 7 or 13. What is the median income test? Under the Bankruptcy Code, the median income test requires a review of the last six months of gross inc