By Glenn A. Brown, DMD, MBA on December 16, 2008
In late 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted into law. Among other things, this act requires a “means test” to see if debtors qualify for Chapter 7 bankruptcy relief. The means test examines your monthly income and expenses and compares them to the median income in and around [...]
Posted in Blog | Tagged Bankruptcy, chapter 7, means test
By Glenn A. Brown, DMD, MBA on December 9, 2008
“My neighbor filed for Chapter 7 bankruptcy and was approved. I’m sure I will be approved, too.”
This statement is false. In order to qualify for Chapter 7 bankruptcy, every debtor must undergo a “means test.” The means test will compare your family’s median income to that of other families in your state. If your [...]
Posted in Bankruptcy Myths | Tagged Bankruptcy Myths, Chapter 7 bankruptcy, filing for bankruptcy, means test, philadelphia pennsylvania, wilmington delaware
By Glenn A. Brown, DMD, MBA on November 10, 2008
In late 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted into law. Among other things, this act requires a “means test” to see if debtors qualify for Chapter 7 bankruptcy relief. The means test examines your monthly income and expenses and compares them to the median income in and around [...]
Posted in Bankruptcy | Tagged abuse prevention and consumer protection act of 2005, bankruptcy protection, bankruptcy relief, BAPCPA, chapter 13, Chapter 7 bankruptcy, debtors, means test, median income
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