Nice means test calculator at Nolo.com. As Nolo explains here, the means test is part of 2005 "reforms" of the bankruptcy law, designed to limit who can file for the Chapter 7 discharge.
The means test compares a debtor's income and expenses with regional standards, which makes it rather difficult to figure out if you qualify. Attorneys use software that figures these things out automatically, but the means test has made things difficult for individuals trying to do their own bankruptcies. Nolo's online calculator is a great tool for figuring out the calculations, but of course it doesn't compete with an attorney's know-how.
In any case, the means test is just one piece of your bankruptcy filing...
The means test compares a debtor's income and expenses with regional standards, which makes it rather difficult to figure out if you qualify. Attorneys use software that figures these things out automatically, but the means test has made things difficult for individuals trying to do their own bankruptcies. Nolo's online calculator is a great tool for figuring out the calculations, but of course it doesn't compete with an attorney's know-how.
In any case, the means test is just one piece of your bankruptcy filing...
Leave a comment