Tag Archive for: means test

The Importance of Gathering Documents in a Timely Manner When Filing for Bankruptcy

Why You Need to Gather So Many Damn Documents When a client retains me for a bankruptcy consult, they need to gather quite a bit of information in order for me to file their petition.  The bankruptcy Trustee looks at the last six months of household income in order to determine if the debtor(s) fall […]

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Income Considered When Determining Eligibility for a Chapter 7 Bankruptcy

What income does the court consider when determining a debtor’s eligibility for filing a Chapter 7 Bankruptcy? Any income that a debtor receives other than social security or social security disability income will be considered by the court in the means test.  Very, simply put the means test is the method of calculating your average […]

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The Means Test

What is the Means Test? The means test is a six months average of the Debtor’s and spouse’s income, if applicable, divided by six and then multiplied by twelve to compute a hypothetical income over a year.  That income will be used to determine whether there is a presumption of abuse when filing a Chapter 7.  […]

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