Qualifying for bankruptcy is not as
complicated as one may think. In order
to know whether a person qualifies or not, the attorney will gather a client’s
information, such as bank statements, pay stubs, and bills, then use the
information gathered to calculate a Means Test.
If you pass the test, then you qualify for bankruptcy.
So what does the Means Test
entail? For a Chapter 7 Bankruptcy, the
means test compares a client’s average income for a six-month period preceding
your bankruptcy against the average income of a similar household in your
state. If your income is below the
median, you qualify for a Chapter 7 Bankruptcy.
No comments:
Post a Comment