Filing for Chapter 7 bankruptcy can be a powerful device for dealing with tremendous debt. But it isn’t available to everyone. There are a number of situations in which you will not be allowed to file Chapter 7 bankruptcy. What is Chapter 7 Bankruptcy Means Test? The Chapter 7 means test is a procedure used to determine whether or not the consumer should have enough money available to make some minimal payment to creditors in a Chapter 13 bankruptcy plan. It is designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. Under the new bankruptcy law that was effective in October of 2005, a person who wishes to file under Chapter 7 must meet certain requirements that make them eligible to file chapter 7 based on a means test. Under the means test, if your present monthly income is below the median income in your state, you are eligible to file for bankruptcy under Chapter 7. Only bankruptcy filers with mainly consumer debts, not business debts, should take the means test. If your income is high and you fail the means test, you may use Chapter 13 bankruptcy to pay off a portion of your debts, but can not use Chapter 7 bankruptcy to eliminate their debts altogether.
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