Means Test Chapter 13

Very little in bankruptcy causes more confusion and anxiety than the Chapter 7 means test. Many people assume that the means test will automatically force them into a Chapter 13 payment plan or prevent them from filing for bankruptcy at all. Although these assumptions are not true in most cases, the confusion is understandable.

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Chapter 13 bankruptcy may be an option. If you failed the means test but want to move forward with filing for bankruptcy, explore filing for Chapter 13. What’s the difference between Chapter 7 and chapter 13 bankruptcy? chapter 13 bankruptcy allows you to reorganize your debt to repay some or all of it off over a three- to five-year period.

While Chapter 13 bankruptcy also makes use of a means test, it is not an eligibility test as it is under Chapter 7, nor is the benefits – such as stopping foreclosure – dependent on passing the means test. Rather, the Chapter 13 means test affects the type and duration of the payment plan under the Chapter 13 bankruptcy.

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Even in Los Angeles chapter 13 bankruptcy attorneys would suggest you the same to. to get an extension for the payment and to stop the eviction. To pass the means test in case of starting a new job.

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Chapter 13 Bankruptcy Means Test. While there are specific eligibility requirements for filing a Chapter 13 bankruptcy, the Chapter 13 bankruptcy means test is primarily used to determine the length of the repayment plan.The repayment plan is either three years or five years, depending on your ability to repay your debt.

But bankruptcy courts are divided on whether the means test applies in a Chapter 7 case that was converted from a Chapter 13. While some jurisdictions require debtors to pass the means test when they convert their Chapter 13 to Chapter 7, other courts have held that the means test is not applicable in a conversion.

In contrast a Chapter 13 case usually takes 3 to 5 years, and. The easiest way to pass the “means test” is for your family “income” to be no.

Qualifying for Chapter 7 is trickier than Chapter 13 because filers need to pass the means test– a measure of income relative to the median income in the filer’s state. Once approved, however,

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