The Means Test & Other Chapter 7 Eligibility Issues
Learn about the eligibility rules you must meet to file a Chapter 7 bankruptcy case.
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Although Chapter 7 is the most popular type of bankruptcy for consumers, not everyone is eligible to receive Chapter 7 relief. You may be barred from Chapter 7 bankruptcy based on previous bankruptcy filings or your fraudulent actions.
The biggest barrier to qualify for Chapter 7, however, was added to the bankruptcy code in 2005 -- this is the means test. The means test looks at your income and expenses and kicks you out of Chapter 7 if the numbers don't fit within certain guidelines.
Eligibility for Chapter 7 Bankruptcy
Can you qualify for Chapter 7 bankruptcy? Find out here.
The means test isn't the only eligibility requirement for Chapter 7. Learn about other eligibility rules here.
You don't have to be employed to file for bankruptcy. In fact, job loss is one of the most common reasons people file for bankruptcy.
The Chapter 7 Means Test
Learn about the means test in Chapter 7 bankruptcy.
In order to qualify for Chapter 7 bankruptcy, you must pass the means test.
Here are some of the most common mistakes people make on bankruptcy's means test.
There are a few situations when a debtor does not have to pass the means test in Chapter 7 bankruptcy.
In some situations, having high expenses in certain categories can help you pass the Chapter 7 bankruptcy means test.
Learn what current monthly income(CMI) is for the Chapter 7 bankruptcy means test.
Find out who is included in your household for purposes of the means test.
The bankruptcy means test allows you to deduct a certain amount of expenses related to operating and owning a car or other vehicle.
If you own your car free and clear, you may have a harder time passing the Chapter 7 bankruptcy means test than someone with a car loan.
If you have primarily business debts, you don't have to pass the means test in order to qualify for Chapter 7 bankruptcy.
Here's how to compare your income to your state's median income.
Find out if a debt is considered to be consumer or non-consumer (business) for purposes of the bankruptcy means test.
If you are filing for bankruptcy without your spouse, the marital adjustment deduction may help you qualify for Chapter 7 bankruptcy.
The Means Test Form
Learn about the means test form -- what it is and what information you'll need to provide.
Questions on the Means Test
Here you'll find answers to common questions about the means test.
Social security income is not included in the Chapter 7 bankruptcy means test.
Having a large mortgage can help you pass the Chapter 7 bankruptcy means test. Here's why.
If you pay lots of alimony and child support, that might help you pass the Chapter 7 means test and qualify for Chapter 7 bankruptcy.
If someone else pays for your child's daycare or childcare, you must list this on the Chapter 7 means test.
Whether you must include unemployment compensation as "income" on the Chapter 7 bankruptcy means test depends on the bankruptcy court.
You must include veterans' benefits as income under the Chapter 7 bankruptcy means test.
In most cases, you cannot deduct college tuition on bankruptcy's means test.
There are advantages to deducting certain life insurance premiums from your income in bankruptcy’s means test. Learn more.
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