Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

Understanding the Chapter 7 means test

If you are interested in filing for Chapter 7 bankruptcy, there are some things you need to know. Most importantly, you may not qualify for this type of bankruptcy. This is often the case if you earn too much money.

With Chapter 7 bankruptcy, the means test comes into play. This considers whether or not you have enough disposable income to pay some or all of your debt. The test also takes into consideration your income, how much you spend on debt every month and the types of debt you are carrying. Some of the most important questions include:

-- Is your current level of income below the median for your state? If the answer is yes, you will qualify for Chapter 7. If the answer is no, you will likely have to consider another option, such as Chapter 13 bankruptcy.

-- Do you have any disposable income that can be used to pay debt? This may sound cut and dry, but that is rarely the case. There are guidelines specific to "allowed monthly expenses." This may differ from the bills that you owe.

If you are interested in Chapter 7 bankruptcy, you will not be able to do anything until you consider the means test. You will either pass or fail. Either way, you will have a better idea of which steps to take next.

To better understand the Chapter 7 means test and what it means to you, browse our website for more information. Our "For Chapter 7, You Have To Qualify Under The Means Test" webpage is the best place to start.

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