Chapter 7 Bankruptcy Means Test
To take the Chapter 7 bankruptcy means test:
- You must have primarily consumer (not business) debts
- You must determine whether your income is greater or less than the median income in Missouri
- If you earn more than the median, you must figure out whether you would have enough left over, after subtracting certain expenses, to repay some of your debt.
Purpose of the Chapter 7 Means Test
The Chapter 7 bankruptcy means test is designed to assess your income and living expenses to see whether you can afford to repay any of the debt. ratio as well as your income as compared to your peers. If it is determined that your income is above the median for the number of people in your family, then you may still qualify for Chapter 7 under certain circumstances.
This is why it is imperative that you have an attorney you can trust that will aggressively protect your rights under the bankruptcy law. Our team will help you determine the best decisions for you and your family, whether that includes filing for Chapter 7 bankruptcy or not.