bankruptcy means test

Bankruptcy Means Test – Should I Worry About It?

What is the means test? Some people call it the median income test. Basically this was like main driver of when the bankruptcy  laws were reformed way back in October 2005 I cannot believe it’s been that long ago, seem like yesterday to me. The purpose was that Congress reformed the banking laws so that basically if you make more money then an average family of your size then they don’t want you to be allowed to wipe out all of your debts in a chapter 7 they want you to file in a Chapter 13 .

Leave a Comment