What is the Means Test, and why do I have to take it? In 2005, congress made some revisions to existing bankruptcy laws. Among these changes was the addition of the Means Test or, as it is more formally known, Bankruptcy Form 22A or 22C, depending on whether you are filing Chapter 7 or 13.
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Illinois Bankruptcy Means Test 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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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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A means test is used to determine eligibility to file for Chapter 13 bankruptcy. If your income is lower than your state’s median income for a same-sized household, you will be able to complete repayment in three years.
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When, in chapter 13, the means test formula says that you should be able to pay more than you actually have money to pay, then you are allowed to "deviate" from the means test. This is done in the Cincinnati Ohio bankruptcy court and in the Dayton Ohio bankruptcy court , but the approach used in each of these courts a little bit different.
Washington Bankruptcy Means Test If you would like to file a Chapter 7 bankruptcy you must pass the Washington means test. The test only applies to higher income filers which means that if your income is below the Washington median for your household size you are exempt from the test and may file a Chapter 7.