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What is the means test in bankruptcy?

The means test is part of the 2005 bankruptcy Reform Act, which is a governmental budgeting formula for debtors whose household income is above the median in their respective state, to see if they qualify for chapter 7. About 80% of my clients…

Means test bankruptcy figures get adjusted upward

The United States Department of Justice recently released adjusted figures that apply for the bankruptcy means test, which is a test that is required for above-median debtors to see if they qualify for chapter 7. These figures apply to cases…