You are able to keep your real estate and personal property. When you file Chapter 13 bankruptcy, the court uses a specific means test to crunch the numbers on your debt and disposable income and come.

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Remember that the supposed purpose of the means test was to funnel consumers into Chapter 13. And most of the Chapter 13 cases we file pay little or nothing to unsecured creditors . The money paid into the plan goes to creditors my clients want to pay, like delinquent mortgages, car loans, and recent taxes.

THE chapter 13 means TEST: LINE-BY-LINE By John P. Gustafson February 7, 2013 Standing Chapter 13 Trustee. Distributed Though The Academy For Educational Purposes – This Is Not Legal Advice. The Form 22C instructions are reproduced as they appear in the current Chapter 13 Means Test.

If you don’t pass the means test, you’re limited to using Chapter 13 bankruptcy, which requires you to make monthly payments over a three- to five-year period according to a strict budget monitored by the court. Most people who file for bankruptcy prefer Chapter 7, which requires no repayment.

Means Test In Chapter 13. The means test now governs whether a proposed Chapter 13 plan meets the "best efforts" test for confirmation. The alternate confirmation tests is the "best interests of creditors" test. It requires that creditors get at least as much in a Chapter 13 as they would have gotten in a Chapter 7 case.

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Chapter 7 is a comparatively brief process, and usually only lasts four to six months before the court issues the discharge. On the other hand, Chapter 13 bankruptcy will last from three to five years, the length of a monthly payment plan you propose to the court to pay certain debts.

When Congress overhauled the bankruptcy laws in 2005, there was a lot of hubbub over the "means test.". The good news is that if you plan to file for Chapter 13 bankruptcy, the means test has no bearing on your ability to do so. The means test is used only to weed out some folks from Chapter 7 bankruptcy eligibility.

Chapter 13 Means Test & Bankruptcy Eligibility For Chapter 13 bankruptcy there is not a means test to test your income like there is in a Chapter 7 bankruptcy. Instead, your income must be high enough, rather than too low, in order for you to be able to fund the required repayment plan .

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