For filing a Chapter 7 Bankruptcy you must know about the Means Test for Chapter 7 bankruptcy. This is a test to restrict high income earners from seeking Bankruptcy under Chapter 7. However, high income earners who fail the Means Test for Chapter 7 can still file for bankruptcy under Chapter 13
Filing for bankruptcy has become the only relief for thousands of people who are experiencing massive debts. According to section 11, an individual, a partnership or a corporation or other business entities can qualify for relief under chapter 7 of the Bankruptcy Code. On October 17, 2005, a “means test” was enacted to determine whether [...]