Chapter 7 Bankruptcy Means Test

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Phoenix bankruptcy lawyer, Arizona bankruptcy attorney, chapter 7 means test, do I qualify for chapter 7, IRS mean income.

A Phoenix bankruptcy lawyer discusses chapter 7 bankruptcy means testing and how to determine if you qualify for chapter 7 bankruptcy.

Hands down, the most common question I am asked by potential Arizona debtors is:

Do I qualify for chapter 7 bankruptcy under the means test?

If you are a repeat reader, you may have heard me discuss the means test. Specifically, I have a tendency to blabber something along the lines of “if you current income is lower than the IRS average income for a comparable family size, you are allowed to file for chapter 7 bankruptcy protection.”

I have to admit, that this description is a gross simplification of the means test. However, I do this on purpose. See, most potential chapter 7 debtors that I consult with qualify under this first step of the means test. Thus, in most cases, further explanation is not necessary. However, what happens when your household income is higher than the IRS mean income as adjusted for family size?

For those potential debtors wondering this same question, you are in luck. Today I am going to take a few moments to explain the chapter 7 means test in its entirety.

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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.

© Christopher Ariano, Ariano and Reppucci PLLC | Attorney Advertising

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