02 Feb Do I Make Too Much Income To File Bankruptcy (Or Can I Pass The Means Test)?
Many people think because their income is greater than median income, they can no longer file for bankruptcy or that they can’t file Chapter 7.
That is not true.
Being above median means that you must take the means test, but it does not mean that you don’t qualify for filing Chapter 7 bankruptcy. Even if you don’t pass the means test, there are special circumstances which may apply, or you might have to file a Chapter 13 instead of Chapter 7.
The other thing to know is that if you file Chapter 13, that doesn’t mean that you always have torepay your debts in Chapter 13in full. Chapter 13 bankruptcycan give a lot of debt relief and provide protection while affordable payments are made.
Don’t jump to conclusions without speaking to an attorney who can apply all the factors to your case.
see also: http://www.moranlaw.net/means_test.htm
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