The Chapter 7 means test is one of the most important factors in determining whether you qualify for Chapter 7 bankruptcy. Rather than sorting through complex bankruptcy means test forms on your own, use the calculator below to estimate your eligibility, review potential bankruptcy costs, and better understand your options before filing.
Find Out If You May Qualify for Chapter 7 Bankruptcy
Once you complete the calculator, you’ll receive an estimate similar to the example shown below. The results can help you understand whether Chapter 7 may be available to you and provide an overview of the costs and considerations involved.
Now that you have your results, the purpose of this article is to help you estimate your Chapter 7 qualification and explain how the Chapter 7 means test calculator works.
How Does The Chapter 7 Means Test Calculator Work?
The Chapter 7 means test calculator above mirrors the Chapter 7 statement of income bankruptcy form.
First, the Chapter 7 calculator works to understand your income from all your different income sources. It generally does not include social security income, potentially some disability income, VA disability and possibly military pensions.
Income can be complex, but the Chapter 7 means test calculator helps break down your income into language relatable to the bankruptcy means test.
Next, the Chapter 7 means test calculator compares it to the median income allowable by your state. The income is based on household size, state, and income level. It will look at the household gross income before taxes. If you are married, you may have to include your spousal income.
See the language of the means test form below:
Want to Check Your State’s Income Limits?
Below is a quick estimate to check the median income limit. You can then use our longer means test calculator below to estimate whether you qualify and how much bankruptcy may cost you in your state.
Chapter 7 Means Test and Income Limit by State:
Conclusion
The Bankruptcy Means Test is complicated. A free Chapter 7 means test calculator can help you estimate Chapter 7 qualification before having a bankruptcy consultation. The purpose of this article is to explain how it works to make you the most informed about Chapter 7 bankruptcy qualification.