Here’s an example showing how the means test can work for you, especially if you file your Chapter 7 case before the end of 2018. The month of December is the month that people receive more income than any other month of the year. According to the federal Bureau of Economic Analysis (part of the U.S. Department of Commerce), for at … Read More
When you file your bankruptcy case can determine whether you qualify for Chapter 7. Filing sooner may help you pass the means test. Timing Can Be SO Important There are lots of ways you could greatly benefit from meeting with a bankruptcy lawyer sooner rather than later. You may save yourself lots of money by choosing an option that … Read More
The timing of your Chapter 7 filing–a difference of even just a day or two–can affect whether you qualify for it based on your income.
Most people easily pass the means test based on their relatively low income. Timing plays a huge role in calculating your income.
You can have more income for the purpose of passing the means test as your household size increases. But what IS your household’s size?
You only have to pass the means test if you have “primarily consumer debts.” If you have more business debts, skip the means test.
You must use the right “state in which you live” to qualify for Chapter 7. It’s not always obvious.