The test only applies to higher income filers which means that if your income is below the Wisconsin median for your household size you are exempt from the test and may file a Chapter 7. If your income is higher than the Wisconsin median you will need to complete the means test calculation to determine if you can pay back a portion of your unsecured debts through a Chapter 13 bankruptcy.
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The Means Test: Chapter 7 vs. Chapter 13 Bankruptcy Effects. The so-called bankruptcy "Means Test " is widely known as the standard or test for eligiblity in Chapter 7 bankruptcy, but it also governs the amount that must be paid on a monthly basis in a Chapter 13 bankruptcy payment plan, as well as the length of time for which payments must be made in a Chapter 13.
Many people choose Chapter 13 because their income is too high and they cannot pass the "means test" for Chapter 7 bankruptcy.
chapter 7 means Test Calculation: Means Test Forms. Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period: Means Test Forms : B 122C-2 : Chapter 13 Calculation of Your Disposable Income: Means Test Forms : About Federal Courts. Federal Courts & the Public.
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In the case of a Chapter 13 means test only, you may deduct a voluntary contribution to an ERISA retirement account, such as a 401(k), as well as payments you make on loans taken out from the retirement account.
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THE CHAPTER 13 MEANS TEST: LINE-BY-LINE By John P. Gustafson February 7, 2013 standing chapter 13 Trustee. Distributed Though The Academy For Educational Purposes – This Is Not Legal Advice. The Form 22C instructions are reproduced as they appear in the current chapter 13 means Test.
Chapter 13 Bankruptcy Means Test. The repayment plan is either three years or five years, depending on your ability to repay your debt. The means test will reveal how much disposable income you have to repay debt. Chapter 13 trustees use the means test to help determine how much your unsecured creditors receive through the bankruptcy.
If You Don’t Pass the Chapter 7 Means Test. If you don’t pass the means test, you’re limited to using Chapter 13 bankruptcy, which requires you to make monthly payments over a three- to five-year period according to a strict budget monitored by the court. Most people who file for bankruptcy prefer chapter 7, which requires no repayment.