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  1. #1
    Join Date
    Aug 2008
    Posts
    19

    Default The "Means Test"

    My question involves bankruptcy in the state of: Florida

    Let me start off with that I know I am not a chapter 7 prospect, probably a Chapter 13 scenario for me. My question is this: I did an online Means test, and after my gross monthly income and the IRS allowances for a single person, it said I had like 1K left over per month to pay towards creditors. No way is that correct. After mortgage, utilities, food and credit card min. payments, I am like in the hole $150.00 a month. Is there something I am missing???? There was nothing in the means test about monthly payments to credit cards....so Somebody please explain briefly what does a lawyer do in regards to the means test and what needs to be paid back in a chapter 13???Any input would be helpful .....Thanks

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: The "Means Test"

    The means test is for Chapter 7 bankruptcy. If your means are in excess of the maximum for Chapter 7, you must file a Chapter 13 bankruptcy.

  3. #3
    Join Date
    Aug 2008
    Posts
    19

    Default Re: The "Means Test"

    Thanks.....so then how is the payment in Chapter 13 established???

  4. #4
    Join Date
    Aug 2008
    Posts
    19

    Default Re: The "Means Test"

    Sorry late night...forgot to add this....What formula do they use then to pay back your debts in chapter 13????? Like I said earlier..with the IRS allowances, normal living expenses, and CC payments...I am in the hole...

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: The "Means Test"

    Your payments in Chapter 13 are based upon your disposable income.

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