Photo by Alexander Mils on Unsplash. The recently expired deadline allowing pandemic relief payments from being excluded from the means test was extended to March 27, 2022. Way back at the beginning of the pandemic the CARES Act made some helpful temporary changes to consumer bankruptcy law. (See our blog post in April 2020 about this.) Those changes had expiration … Read More
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.
“Income” is not what you think it is–it’s much broader than usual and fixates on the 6 full calendar months before your bankruptcy filing.