Chapter 7 Means Test Explanations
The Chapter 7 means test determines whether an individual debtor qualifies for relief under Chapter 7 of the Bankruptcy Code. The test is required by 11 U.S.C. §707(b)(2) and uses formulas based on household...
Category: Bankruptcy
Chapter 7 Bankruptcy Forms
Individuals who file for bankruptcy under Chapter 7 must complete a set of Official Bankruptcy Forms created by the Judicial Conference of the United States. These forms provide detailed information about income, expenses, assets,...
Bankruptcy Forms
Below is a guide to the official bankruptcy forms used in the U.S. bankruptcy system. These forms are issued by the United States Courts and are required when filing under different chapters of the...
Chapter 7 Bankruptcy Explained: Requirements and Steps
Bankruptcy Bankruptcy is never anyone’s first choice. But for those who find themselves in a difficult and un-workable financial situation declaring Chapter 7 bankruptcy may be the best long-term option. There are several types...
2020 Allowable Living Expenses National Standards
IRS’s National Standards for Allowable Living Expenses IRS Collection Financial Standards are intended for use in calculating repayment of delinquent taxes. National Standards have been established for five necessary expenses: food, housekeeping supplies, apparel...
Census Bureau Median Family Income By Family Size
For Cases Filed On or After April 1, 2021 The following table provides median family income data reproduced in a format designed for ease of use in completing Bankruptcy Forms 122A-1 and 122C-1. Check...
2020 Allowable Living Expenses Transportation Standards
2020 Allowable Living Expenses Transportation Standards The transportation standards for taxpayers with a vehicle consist of two parts: nationwide figures for monthly loan or lease payments referred to as ownership costs, and additional amounts...