Chapter 7 Test Form 1 - Final Step Check Your Income and Expense Forms Even if you pass the Chapter 7 means test the Chapter 7 trustee will review the income and expenses disclosed in the bankruptcy forms Unlike the means test that uses past earnings the income and expense figures on your bankruptcy forms represent your current budget
1 There is no presumption of abuse 2 The calculation to determine if a presumption of abuse applies will be made under Chapter 7 Means Test Calculation Official Form 122A 2 3 The Means Test does not apply now because of qualified military service but it could apply later Check if this is an amended filing Official Form 122A 1
Chapter 7 Test Form 1
Chapter 7 Test Form 1
Step 1: Fill in your case information. In a box at the top of the form, you'll fill in information related to your bankruptcy case. Enter your name, the bankruptcy court you filed in, and your case number if you have one. You can look up which bankruptcy court you need to file in using the United States Courts' Court Locator tool.
Chapter 7 Test Form 1 Write the letter for the correct answer in the blank at the right of each question 1 Simplify A 2 5 3 B 8 C 15 2 D 8 SCORE 1 B 2 Simplify 4 3 F 7 G 3 4 H 12 3 J 7 7 3 Simplify 4 Assume the denominator is not equal to zero A 11 B 28 C 3 D 1 2
Span Class Result Type
Official Form 122A 1 Chapter 7 Statement of Your Current Monthly Income Official Form 122A 1Supp Statement of Exemption from Presumption of Abuse Under 707 b 2 and Official Form 122A 2 Chapter 7 Means Test Calculation collectively the 122A Forms are designed for use in chapter 7 cases
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The purpose of the bankruptcy means test is to determine whether you are hopelessly crushed by debt and can apply for a Chapter 7 fresh start Or whether you have too much disposable incomes and don t qualify to file for Chapter 7 You ll start the means test by filling out Official Form 122A 1
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How The Chapter 7 Bankruptcy Means Test Works AllLaw
Chapter 11 Statement of Your Current Monthly Income Official Form 122B 35 Chapter 13 Statement of Your Current Monthly Income Calculation of Commitment Period and Chapter 13 Calculation of Your Disposable Income Official Forms 122C 1 and 122C 2 36 Statement of Intention for Individuals Filing Under Chapter 7 Official Form
Chapter 7 Practice Test
The means test is actually a two part test and you only need to pass one of them to qualify for Chapter 7 Test 1 Median Income Form 22A 1 This is a very simple test that compares your average household income for the past six calendar months to the median income for your state If your income is below the median you qualify for Chapter 7
To qualify for Chapter 7 bankruptcy, you need to pass a means test. In the test, you compare your income with the median income of a similar size household in your state. If your income is lower, you pass the test. If it's higher, you have to move on to the next step in the means test, which takes your expenses and disposable income into account.
How To Complete The Chapter 7 Bankruptcy Means Test
Form 122A 1 The first means test form Chapter 7 Statement of Your Current Monthly Income Form 122A 1 determines whether your income is below your state s median income If it is you qualify for a Chapter 7 bankruptcy and don t need to fill out the other two forms Form 122A 2 If your income is above the state median you still might qualify
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Name Class Date Chapter Test Form A
Chapter 7 Test Form 1
The means test is actually a two part test and you only need to pass one of them to qualify for Chapter 7 Test 1 Median Income Form 22A 1 This is a very simple test that compares your average household income for the past six calendar months to the median income for your state If your income is below the median you qualify for Chapter 7
1 There is no presumption of abuse 2 The calculation to determine if a presumption of abuse applies will be made under Chapter 7 Means Test Calculation Official Form 122A 2 3 The Means Test does not apply now because of qualified military service but it could apply later Check if this is an amended filing Official Form 122A 1
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