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JOURNAL AMERICAN BANKRUPTCY INSTITUTE Issues and Information for Today s Busy Insolvency Professional The Means Test: Seeing Clearly the CMI Written by: David W. Ballard & Fish, P.C.; Detroit Ballard

How to fill out bankruptcy means testing in

How to fill out bankruptcy means testing in:

1. Gather all necessary documents: Before starting the bankruptcy means testing process, make sure you have all the required documents in hand. These may include your pay stubs, tax returns, bank statements, and any other financial records that reflect your income and expenses.
2. Determine your household size: The bankruptcy means testing formula considers your household size to calculate your disposable income. You should include yourself, your spouse (if applicable), and any dependents living with you in your household size.
3. Calculate your current monthly income: Add up all sources of income you received during the six months before filing for bankruptcy. This can include wages, self-employment income, rental income, and any other regular sources of income. Divide the total by six to get your average monthly income.
4. Compare your income with the median income for your state: The bankruptcy means testing compares your average monthly income to the median income for a household of the same size in your state. If your income is below the median, you generally qualify for Chapter 7 bankruptcy. If it exceeds the median, you might need to proceed with further calculations to determine your eligibility.
5. Calculate your disposable income: If your income exceeds the median, you need to calculate your disposable income. This is done by subtracting certain allowed expenses from your average monthly income. The allowable expenses vary based on IRS standards and local guidelines.
6. Consult a bankruptcy attorney or use online means test calculators: Filling out the bankruptcy means test can be complex, especially if your income is higher or your finances are more complicated. It is recommended to consult a bankruptcy attorney who can guide you through the process or use reliable online means test calculators to ensure accuracy.

Who needs bankruptcy means testing in:

1. Individuals planning to file for Chapter 7 bankruptcy: The bankruptcy means testing primarily applies to individuals or families seeking Chapter 7 bankruptcy, which is a liquidation bankruptcy that allows for the discharge of certain debts. By determining your eligibility through means testing, the court ensures that those with sufficient means pay back a portion of their debts through Chapter 13 bankruptcy instead.
2. Those with income above the state median: If your income exceeds the median income for a household of the same size in your state, you will generally need to go through the bankruptcy means testing process. This helps determine your eligibility for Chapter 7 bankruptcy or may require you to file under Chapter 13, which involves a repayment plan to creditors.
3. Individuals with complex financial situations: If your finances involve additional complexities like business income, rental properties, or significant deductions, accurately completing the bankruptcy means testing can become more challenging. Seeking professional assistance from a bankruptcy attorney or specialized means test calculators can be beneficial in such cases.

Remember, the bankruptcy means testing process can be intricate, and it is essential to consult a bankruptcy attorney to understand the specific requirements and guidelines according to your jurisdiction.

For pdfFiller’s FAQs

What is bankruptcy means testing in?

Bankruptcy means testing is a process to determine if an individual or business is eligible to file for bankruptcy and under what chapter.

Who is required to file bankruptcy means testing in?

Individuals or businesses seeking to file for bankruptcy are required to complete the means testing.

How to fill out bankruptcy means testing in?

Bankruptcy means testing can be filled out with the help of a bankruptcy attorney or by following the instructions provided on the official bankruptcy forms.

What is the purpose of bankruptcy means testing in?

The purpose of bankruptcy means testing is to assess the financial situation of the individual or business seeking bankruptcy relief.

What information must be reported on bankruptcy means testing in?

Income, expenses, and other financial information must be reported on bankruptcy means testing forms.

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