Chapter 7 Means Test

Chapter 7 bankruptcy is means tested. Those with too many assets or too high of an income are unable to qualify for Chapter 7 with few exceptions. If you are ready for a fresh start and are considering Chapter 7, the first step is working with an attorney to determine your eligibility.

At Nowack & Olson, PLLC, in Fort Lauderdale, our attorneys will answer all of your questions and make sure you are fully prepared for the process that awaits you. From helping you protect your assets during bankruptcy to setting you up with the tools for success post-bankruptcy, we will take care of it all.

What Is Measured By The Chapter 7 Means Test?

To qualify for Chapter 7, you must make less than the median income for the state of Florida. As of 2011, the median income for a family of four in Florida was $65,135, according to data provided by the United States Department of Justice.

The courts do have discretion to make exceptions, which will usually center on the issue of disposable income. If someone does not have enough disposable income to feasibly enter a Chapter 13 repayment plan, he or she may receive an exception to qualify for Chapter 7 despite an income higher than the median.

Contact Us If You Are Ready To Put An End To Your Debt

You can rely on our knowledgeable bankruptcy lawyers to examine the facts specific to your situation and guide you toward an outcome that works best for you and your family. Contact us today to schedule a free, 60-minute consultation to learn more.