Do You Need to Take the Means Test to Declare Bankruptcy in Georgia?
The Means Test is a complicated calculation that the Georgia bankruptcy court uses to ensure that bankruptcy cases are filed as the correct chapter. If you have an income that is higher than the median income level for your household, then the Means Test will tell you if you are eligible for chapter 7 bankruptcy.
Who is required to take the Means Test?
If you are a debtor that has an income that’s greater than the state of Georgia’s median income level for a household of your size, then you’re required to take the Means Test. In Georgia, the exact amount of the state’s median income level changes yearly and the amount increases depending on the amount of earners there are in a home. For exact numbers, contact King & King and ask for information about the current Means Test. Do not worry: many people who are above the median income level for their household size may still “pass” the Means Test and be able to file a Chapter 7. Have a skilled attorney help you complete the Means Test.
Who isn’t required to take the Means Test?
If your income is below the Georgia state median then you don’t have to take the Means Test, you automatically qualify to file Chapter 7 bankruptcy.
There are others who don’t have to take the Means Test including disabled veterans, and men and women are on active duty with any military branch.
What should be simple sometimes isn’t – the Means Test can be complicated. There are actually a number of other issues that can affect it. For example, what exactly is income? And what expenses can be claimed? What if you have a special circumstance? These and other complexities of bankruptcy are the reason that working with a trustworthy bankruptcy attorney is so important.
Call King & King bankruptcy attorneys for your free consultation. We can discuss the best options for your unique situation and answer and questions you may have about the Means Test. Your fresh start can begin today 404-524-6400.