If my income is above the median income for my state for a family of my size does that mean I fail the “means test” and cannot file chapter 7 bankruptcy?
If your income is below the median income for your state for a family of your size, it means you do not have to complete the “means test.” If your income is above the median income for your state for a family of your size it does not mean you fail the means test. It means you have to complete the means test. The results of the means test will determine your eligibility for chapter 7 bankruptcy. This is a complicated area and required the assistance of an experienced bankruptcy attorney. At Starr & Starr, PLLC, we have invested in what we believe is the best computer software available on the market today for the purposes of calculating the means test. 4. Will I lose all of my property if I file bankruptcy When a consumer debtor files bankruptcy, he or she gets to keep certain property from the bankruptcy estate that is created by the bankruptcy filing. This property the debtor gets to keep is called “exempt” property and is based on specific laws exempting certain types of property to
Related Questions
- If my income is above the median income for my state for a family of my size does that mean I fail the "means test" and cannot file chapter 7 bankruptcy?
- If my income is above the median income for my state for a family of my size does that mean I fail the "means test" and cannot file chapter 7 bankruptcy?
- What is the median family income amount in Washington for a Chapter 7 bankruptcy?
