How To Pass the Chapter 7 Means Test
If you are considering filing for Chapter 7 bankruptcy, you will need to pass the means test. The means test is used to determine whether you have the ability to repay your debts. If you do not pass the means test, you will not be able to file for Chapter 7 bankruptcy.
There are two parts to the means test. The first part is used to calculate your monthly income. This includes your wages, salaries, tips, and other forms of income. The second part is used to calculate your allowable expenses. This includes your mortgage or rent payments, car payments, child support payments, and other necessary expenses.
To pass the means test, your monthly income must be less than the median income for your state. Additionally, your allowable expenses must be less than your monthly income.
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