Probably the most "mythical" part of bankruptcy, the means test was a creation of the new bankruptcy law update in 2005. Basically, it is a 6 month look back period of your income and allowable expenses. Luckily, there are many ways to approach the means test when you are considering filing for bankruptcy. It is crucial that your attorney be well versed in what is and is not allowed in the calculations. A simple error on this form could cost you hundreds (or thousands) of dollars.
The Means Test in Bankruptcy: What is It?
Probably the most "mythical" part of bankruptcy, the means test was a creation of the new bankruptcy law update in 2005. Basically, it is a 6 month look back period of your income and allowable expenses. Luckily, there are many ways to approach the means test when you are considering filing for bankruptcy. It is crucial that your attorney be well versed in what is and is not allowed in the calculations. A simple error on this form could cost you hundreds (or thousands) of dollars.
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