Did the Means Test get easier?

On March 17, 2011, in Bankruptcy, by Robbie L. Vaughn, Esq.

Did the Means Test get easier?

The means test is a method of determining a person’s eligibility to maintain a chapter 7 case. It plays a major role in determining if a person can file a chapter 7 bankruptcy or must file under a different chapter of the bankruptcy code.

On March 15th the New York median household income increased. This allows those looking to file for chapter 7 bankruptcy to make a little more money, but still pass the means test. Generally, what is meant by passing/failing the means test:

Passing the means test = you can likely file a chapter 7 bankruptcy.
Failing the means test= you likely won’t be able to file a chapter 7 bankruptcy.

So, this increase should allow more people to pass the means test.

This is good news! However, the above is all very general information. You should discuss your specific situation with a knowledgeable bankruptcy attorney before deciding to file, or not file for bankruptcy.

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

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