What is a means test?

Is income worksheet/calculator that determines based if you qualify for chapter 7 bankruptcy. The income limitations are based on your state median family income. The means test form calculates your annual income and puts you on a budget based on IRS collection standards. If your means test shows you have too much disposable income, you … Continue reading “What is a means test?”

What does exempt mean?

Exempt means the asset is protected and will not be sold to pay your creditors. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

What is the Mean Test?

Transcript   The Means Test is used to see if you qualify for a Chapter 7 bankruptcy. It takes into account your income, your expenses, and your household size to calculate your disposable income. If you have too much disposable income, you won’t qualify for a Chapter 7 and you’ll have to file a Chapter … Continue reading “What is the Mean Test?”