1 / 1

Phoenix Chapter 7 Means Test

Read this infographic to learn about chapter 7 Bankruptcy mean test. If you have primarily unsecured consumer debt, Chapter 7 Bankruptcy maybe the right choice for you. Our Chapter 7 Bankruptcy attorney can examine your debts and discuss your options during a consultation, call us today at 602-786-9175.

Freshstartbankruptcy
Download Presentation

Phoenix Chapter 7 Means Test

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PHOENIX CHAPTER 7 MEANS TEST The Chapter 7 Bankruptcy Means Test The “means test” determines whether you qualify to file for Chapter 7 bankruptcy in Washington or Oregon. It is generally designed to keep people who can afford to pay back some or all their debt from filing a chapter 7 bankruptcy. How Does the Chapter 7 Means Test Work? Basically, the Chapter 7 means test takes your current monthly income and subtracts off your expenses or the amount that the IRS allows as a standard expense. What is left over is called your “disposable income”. Is Your Income More Than the Median? For some, qualifying for a Chapter 7 bankruptcy is as simple as your actual income being below the median household income for your area. If it is, the rest of the means test is likely unnecessary. What if you have Disposable Income? This is a complicated question and why the means test exists. Some disposable income is OK but if it looks like you have enough disposable income to pay back a portion of your debt, you may need to file a chapter 13 bankruptcy instead. Contact Us 11201 North Tatum Boulevard Suite 300, Phoenix, AZ 85028, USA 602-786-9175 info@phoenixfreshstartbankruptcy.com phoenixfreshstartbankruptcy.com

More Related