The Means Test for Chapter 7 Bankruptcy is Changing!

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Bankruptcy FilingIf you are thinking about a Chapter 7 bankruptcy, don’t wait. Under the bankruptcy code, filing a Chapter 7 bankruptcy requires debtors to pass a means test. That test is based on your annual income and family size. The median income for Chapter 7 bankruptcy cases filed on or after November 1, 2012 have decreased, making it harder to pass the test. For households of three or more, the median income will drop substantially, thereby increasing the number of families that will not qualify for Chapter 7 after November 1, 2012. Call me today at (480) 833-1113 for a free consultation to see if bankruptcy is right for you.

Attorney Profile: Janet M. Spears, Arizona Bankruptcy Lawyer

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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