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Median income and means test

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Median income and means test

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.

Message 1 of 8
7 REPLIES 7
Community Leader
Super Contributor

Re: Median income and means test


@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.


@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? 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 2 of 8
Member

Re: Median income and means test

I have $44,000 in unsecured debt. I make $35,500 gross
Message 3 of 8
Valued Contributor

Re: Median income and means test

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






Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.
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Message 4 of 8
Member

Re: Median income and means test


@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



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

Message 5 of 8
Community Leader
Super Contributor

Re: Median income and means test


@MitchL wrote:

@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



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


Sounds like you'll be ok thenSmiley Happy


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 6 of 8
Senior Contributor

Re: Median income and means test

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





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 8
Valued Contributor

Re: Median income and means test


@pizza1 wrote:

@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.


@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? 


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.

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Message 8 of 8
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