What is the bankruptcy means test?

The means test is a technique to determine one’s qualification status for filing Chapter 7 bankruptcy. It was created by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Under this act, filers with monthly incomes below the state’s median income are automatically eligible to carry on with the filing process. Those who do not meet this condition, however, must take the means test, which takes a closer look at the filer’s net monthly income.

Contact Tacoma, Seattle, Kirkland, Bellevue, Bremerton, Everett bankruptcy lawyer Ryan Nykamp today at 425-289-9873 to discuss any questions you may have regarding the means test.