The Means Test is both the test for Chapter 7 bankruptcy eligibility and the means of determining whether you may file a 36 or 60-month Chapter 13 bankruptcy payment plan and potentially governing the amount of your monthly Chapter 13 plan payment.
If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.
Your post was very helpful, even though I am still fuzzy on 25% of the unsecured debt scenario. Sounds like its either 60 X disposable income after expenses OR if 25% of unsecured debt is greater than $10,000.. is this correct? My first portion comes out ineligible at $55k however 25% is at $11,000. Can this be used as well?
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At last! Someone who undretsadns! Thanks for posting!
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