The Means Test for Chapter 7 Bankruptcy is Changing!


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


Written by:

Published In:

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.

© Rowley Chapman & Barney, Ltd. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.