Category Archives: What is The Bankruptcy Means Test

What is the bankruptcy Means Test

What is the Bankruptcy Means Test?

- What is the bankruptcy Means Test?

In previous post we learned about the two kinds of personal bankruptcy that can be filed, the Chapter 7 and the Chapter 13. In this post chapter, we take a look at the bankruptcy means test, which is the determining factor if you are eligible for filing a Chapter 7 or Chapter 13.

As a brief review, Chapter 7 is the kind of bankruptcy that you file if you don’t have the means to pay your debts or support your daily needs. It is also called the “liquidation” or “fresh start” bankruptcy because your debts can be discharged but you won’t be able to keep nonexempt property. Continue reading