Chapter 7 Bankruptcy Means Test

The Chapter 7 Bankruptcy Means Test

You must pass the means test to be eligible for Chapter 7 bankruptcy discharge.

Do I Qualify for Chapter 7 Bankruptcy?

To qualify for Chapter 7 bankruptcy, your disposable income must be low enough to pass the means test.

How to Determine Household Size for the Bankruptcy Means Test

Household size is an important factor on the bankruptcy means test. Here are the methods different courts use to calculate household size.

Who Is Exempt From Taking the Bankruptcy Means Test?

You don't have to take the bankruptcy means test if you have mostly business debts, are a disabled veteran, or a military reservist. Find out more about the Statement of Exemption from Presumption of Abuse Under §707(b)(2) form.

Bankruptcy for the Self Employed: Verifying Your Income

A self-employed person can file a Chapter 7 or Chapter 13 bankruptcy, but the debtor must prove average income for the six months before the filing of the case, as well as provide up to four years' worth of yearly income documentation.

Qualifying for Chapter 7 Bankruptcy if Your Income Is High

Can someone with high income still qualify for chapter 7 bankruptcy?

What Expenses Can Help You Pass the Bankruptcy Means Test?

Certain family and household expenses might help you pass the means test for Chapter 7 bankruptcy.

Can You Deduct Retirement Contributions on the Bankruptcy Means Test?

It depends on whether you file for Chapter 7 or Chapter 13 bankruptcy and whether the contributions are voluntary or required by your employer.

What Are the Differences Between Credit Counseling and Debtor Education in Bankruptcy?

With a few rare exceptions, you must get credit counseling before you file for bankruptcy, and complete a debtor education course in financial management afterward. Here are the details.