Means Test Chapter 13

Debtors with a regular income can use chapter 13 bankruptcy to cope with their overwhelming debts, but there are long-term consequences for.

A means test determines if you make enough money to repay at least a portion of your debt through a Chapter 13 bankruptcy repayment plan or if you qualify for a chapter 7 bankruptcy instead. Take a look at the details of a chapter 13 means test below. Who Takes the Chapter 13 Means Test. If you have an income that is greater than the median income in Georgia, you will have to take the means test. This will compare your income to your expenses and deductions.

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Chapter 13 Bankruptcy Means Test. The repayment plan is either three years or five years, depending on your ability to repay your debt. The means test will reveal how much disposable income you have to repay debt. Chapter 13 trustees use the means test to help determine how much your unsecured creditors receive through the bankruptcy.

The same means test that is supposed to determine whether you can file chapter 7 bankruptcy is used to decide what you must pay to creditors in Chapter 13.

If you don’t pass the means test, you’re limited to using Chapter 13 bankruptcy, which requires you to make monthly payments over a three- to five-year period according to a strict budget monitored by the court. Most people who file for bankruptcy prefer Chapter 7, which requires no repayment.

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If you would like to file a Chapter 7 bankruptcy you must pass the Illinois means test. The test only applies to higher income filers which means that if your income is below the Illinois median for your household size you are exempt from the test and may file a Chapter 7.

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Much has been written about the dreaded bankruptcy means test (official. A similar test is used in Chapter 13 cases to arrive at the necessary.

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