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Means Test

A means test determines who is eligible to file for chapter 7 bankruptcy. The formula behind the means test was designed to keep those with high incomes from filing for chapter 7 bankruptcy, as they are likely able to reorganize their debts and continue making payments. The chapter 7 means test is a way to determine a debtor's disposable income. This is calculated by subtracting monthly expenses from a debtor's current monthly income. The result is the amount of money a debtor has left over. If the amount left over is determined to be large enough to repay a portion of the debt, then the debtor will be unable to file chapter 7 bankruptcy. If a debtor fails the chapter 7 means test, having too much income to qualify, then they must file chapter 13.

Fast Facts

  • Ohio had the second largest increase in bankruptcy filings in 2005.
  • In August 2009, 77% of total bankruptcy filings in California were Chapter 7 filings.

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