
What Is The Bankruptcy Means Test?
Personal bankruptcy means a test is a good option if you're considering declaring bankruptcy. The personal bankruptcy means test is one way to determine the best type of personal insolvency for your financial situation.
If you have a low income, a Chapter 7 bankruptcy can help you to find a solution. Chapter 13 bankruptcy allows you to use your income for a repayment plan. It also protects your possessions while allowing you to forgive many of your financial obligations. Below is how a personal bankruptcy means test works to determine which option is best for you.
Comparing Revenue
First, you need to compare your home income with the areas. Chapter 7 filings will be possible if your household income is below the area standard.
You will need information about your allowed ex...