If your income is higher than the Texas 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. Means Test Exemptions. If your debts are not primarily consumer debts then you are exempt from the means test.
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.
Chapter 13 is a different kind of means test. In chapter 13, the purpose of the means test is not to determine whether or not you can file a chapter 13 case, but rather, to determine how much money, hypothetically, you have to pay your unsecured creditors.
Means Test In Chapter 13. The means test now governs whether a proposed Chapter 13 plan meets the "best efforts" test for confirmation. The alternate confirmation tests is the "best interests of creditors" test. It requires that creditors get at least as much in a Chapter 13 as they would have gotten in a Chapter 7 case.
Chapter 11 and Chapter 13 Cases 19 Means Test Frequently Asked Questions 20 Quick Start Guide 21. Best Case, LLC Q www.bestcase.com Q 1.800.492.8037 3 The Complete Means Test If the debtor’s income is higher than the state median, the debtor must complete form 22a-1 chapter 7, 22A-2 Chapter 7.
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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.