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How does the second half of the means test work?

If your median household income exceeds the median income for (New York) for your household size, then you haven’t passed the simple, straight-forward first half of the means test. So, its on to the second half. The second and more complicated part of this test deducts certain expenses from your current monthly income. Some of Read More

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What is the means test, and how would it affect me?

The means test is a financial gateway, which you must pass through to safely file for chapter 7 protection. It is found at Bankruptcy Code section 707(b), and supposedly tests for ‘abuse’ of the provisions of chapter 7.  Prior to the extensive 2005 re-write of the Bankruptcy Code at the behest of various deep-pocketed creditor Read More

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