When you file for Chapter 13 bankruptcy, there is no "means test" to determine whether your income is too high. In fact, opposite forces are at work in Chapter 13 — if your income is so low that you cannot fund a repayment plan , you won’t be eligible for Chapter 13.
Very little in bankruptcy causes more confusion and anxiety than the Chapter 7 means test. Many people assume that the means test will automatically force them into a Chapter 13 payment plan or prevent them from filing for bankruptcy at all. Although these assumptions are not true in most cases, the confusion is understandable.
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If your disposable income adds up to more than a certain amount (which depends on the state you live in), you fail the means test and can’t get a discharge by filing for Chapter 7 bankruptcy. However,
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If you are filing for Chapter 13 bankruptcy, you do not need to complete the means test. However, you do need to complete a form almost identical to it – and that will determine how much you must pay in a Chapter 13 plan.
Failing the means test does not mean you can’t file bankruptcy. It simply means that Chapter 7 is not available, now. You can file one of the reorganization chapters, 11 or 13; or you can adjust your income and debt situation to increase the likelihood you pass the means test later.
This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under bankruptcy rule 9009.
The means test calculator will tell if you are eligible to file Chapter 7. Choose your state or territory: Enter the number of people in your family (including yourself): Enter your monthly household Income (average of last 6 months): The chapter 7 means test calculator has been updated for the latest median income figures for cases filed on.
Colorado Bankruptcy Means Test If you would like to file a Chapter 7 bankruptcy you must pass the Colorado means test. The test only applies to higher income filers which means that if your income is below the Colorado median for your household size you are exempt from the test and may file a Chapter 7.