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{"id":6822,"date":"2010-12-02T19:56:07","date_gmt":"2010-12-02T19:56:07","guid":{"rendered":"http:\/\/www.seonewswire.net\/?p=6822"},"modified":"2010-12-01T19:57:48","modified_gmt":"2010-12-01T19:57:48","slug":"the-ins-and-outs-of-income-testing-for-chapter-7-bankruptcy","status":"publish","type":"post","link":"http:\/\/www.seonewswire.net\/2010\/12\/the-ins-and-outs-of-income-testing-for-chapter-7-bankruptcy\/","title":{"rendered":"The Ins and Outs of Income Testing for Chapter 7 Bankruptcy"},"content":{"rendered":"

If you are looking to file for Chapter 7 bankruptcy, one of the things you need to pass is the median income test. The median income test \u2013 and its companion, the means test \u2013 is a formula that is used to determine whether or not the person seeking to file has enough money to make payments to creditors.<\/p>\n

If so, they must file for Chapter 13 bankruptcy instead of Chapter 7. These tests were added in 2005 when the bankruptcy code was amended to stem the tide of Chapter 7 bankruptcies.<\/p>\n

Testing Details<\/em><\/p>\n

If you want to file for Chapter 7, or liquidation bankruptcy, it is necessary to measure your monthly income figure against the median income for your household size in your state. As long as your income is not greater than the median income, you typically are eligible for filing Chapter 7 bankruptcy.<\/p>\n

In Florida, the current median income is (as of (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you are looking to file for Chapter 7 bankruptcy, one of the things you need to pass is the median income test. The median income test \u2013 and its companion, the means test \u2013 is a formula that is…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

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