Chapter 13 means test & Bankruptcy Eligibility For chapter 13 bankruptcy there is not a means test to test your income like there is in a Chapter 7 bankruptcy. Instead, your income must be high enough, rather than too low, in order for you to be able to fund the required repayment plan .
· If a debtor “fails” the bankruptcy means test, and is unable to overcome the presumption of abuse, the Chapter 7 bankruptcy case will need to be dismissed; converted to a Chapter 13 bankruptcy; or, in high income cases, converted to a Chapter 11 bankruptcy. The Chapter 7 means test is only applied to debtors that owe primarily consumer debts.
If the Means Test shows you have more disposable income than is. under a Chapter 7 case, you can still find debt relief through a Chapter 13.
Not Passing the Means Test. Just because a debtor does not pass the means test, that does not bar them from filing for bankruptcy. Chances are a debtor will be able to file Chapter 13 bankruptcy, which means he or she will most likely still be required to pay back a portion of funds to creditors.
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When Congress overhauled the bankruptcy laws in 2005, there was a lot of hubbub over the "means test.". The good news is that if you plan to file for Chapter 13 bankruptcy, the means test has no bearing on your ability to do so. The means test is used only to weed out some folks from Chapter 7 bankruptcy eligibility.
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Why the Means Test Doesn’t Apply in Chapter 13 chapter 13 is a different kind of means test. unsecured creditors only get what’s "left over." If you qualify for a 36 month plan, however, you can choose be in the plan for up to 60 months. If your income is below the median that means that you.
Wisconsin Bankruptcy Means Test If you would like to file a Chapter 7 bankruptcy you must pass the Wisconsin means test. The test only applies to higher income filers which means that if your income is below the Wisconsin median for your household size you are exempt from the test and may file a Chapter 7.