Median income and means test

[MitchL]

Hi,

I make 10k less than the median income in Florida.  Will I still have to do a means test for a Ch7?  I went through a divorce and I live with my parents for the moment while I get back on my feet. I'm hoping that in 6 months I'll be able to have my own place again. My expenses are currently low but I won't have any disposable income once I'm on my own.

[pizza1]

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@MitchL wrote:

Hi,

I make 10k less than the median income in Florida.  Will I still have to do a means test for a Ch7?  I went through a divorce and I live with my parents for the moment while I get back on my feet. I'm hoping that in 6 months I'll be able to have my own place again. My expenses are currently low but I won't have any disposable income once I'm on my own.

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@MitchL, Yes, everyone that is filing a BK has to do the means test. Its just a sure fire way to make sure you can qualify, so there arent any surprises later down the road. 

How much debt do you currently have, and whats your income? 

[MitchL]

I have $44,000 in unsecured debt. I make $35,500 gross

[MyDataMyChoice]

Take the last 6 months of your income   and multiply it by 2 ; if that is below the median for your area found on the US Trustees webpage you DO NOT need to take the means test.       YOu will still have to list Schedules

[MitchL]

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@MyDataMyChoice wrote:

Take the last 6 months of your income   and multiply it by 2 ; if that is below the median for your area found on the US Trustees webpage you DO NOT need to take the means test.       YOu will still have to list Schedules

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I'm well under the median which is $48,000 here. 

[pizza1]

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@MitchL wrote:

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@MyDataMyChoice wrote:

Take the last 6 months of your income   and multiply it by 2 ; if that is below the median for your area found on the US Trustees webpage you DO NOT need to take the means test.       YOu will still have to list Schedules

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I'm well under the median which is $48,000 here. 

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Sounds like you'll be ok then

[FireMedic1]

With your income. You do not have to take the means test. Thats for the Central Division or Orlando Court. New Update:

Beginning November 1, 2018 the median income data has been updated by the U.S. Census Bureau. The figures have increased for Florida, which means that more persons may qualify for bankruptcy filing. The new median income figures for Florida are as follows:

Household Size	Median Income
1	$48,000

[sarge12]

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@pizza1 wrote:

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@MitchL wrote:

Hi,

I make 10k less than the median income in Florida.  Will I still have to do a means test for a Ch7?  I went through a divorce and I live with my parents for the moment while I get back on my feet. I'm hoping that in 6 months I'll be able to have my own place again. My expenses are currently low but I won't have any disposable income once I'm on my own.

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@MitchL, Yes, everyone that is filing a BK has to do the means test. Its just a sure fire way to make sure you can qualify, so there arent any surprises later down the road. 

How much debt do you currently have, and whats your income? 

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It is true that everyone does a means test if they wish to qualify for a chapter 7, if you know for sure you wish to file ch.13, and you have sufficient income to meet a repayment plan, there is not a means test to determine if your income is too high. Means testing mainly applies to chapter 7. If however, your income is too low to be able to meet the monthly payments on a realistic repayment plan, the court might deem your disposible income is too low to fund a repayment plan. In that case the bankrutcy court may force you to do a chapter 7.