BANKRUPTCY LAW BLOG

Up-to-date Information on Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, foreclosure and other general bankruptcy news. We will share helpful tips and information you need to know to guide you through the bankruptcy process.

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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 income, which is referred to as the "current monthly income." The income is averaged, and then compared to a household of the same size in the state that you live in. If your median income is below the state's median income

Stuart Law Firm is a federally designated Debt Relief Agency.
We help people file for bankruptcy relief under the Bankruptcy Code.

Stuart Law Firm, LLC

(804) 221-2162

8002 Discovery Drive, Suite 422, Henrico, VA  23229

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