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Means Test Information. Individual debtors filing for bankruptcy relief are required to complete and file a Statement of Your Current Monthly Income. Some individuals are required to file additional calculation forms.
What is the Georgia means test? The Georgia means test is a financial assessment used to determine eligibility for Chapter 7 bankruptcy. It compares an individual’s income to the state’s median income to ensure that only those who genuinely cannot pay their debts qualify for debt discharge.
Chapter 7 Statement of Your Current Monthly Income 12/15 Be as complete and accurate as possible. If two married people are filing together, both are equally responsible for being accurate.
31 Ιαν 2024 · The Chapter 7 Statement of Your Current Monthly Income is filed to report the debtor’s current monthly income and determine whether their income is at or below the median income for households of the same size in their state.
Chapter 7 Means Test Calculation. Check the appropriate box as directed in lines 40 or 42: According to the calculations required by this Statement: 1. There is no presumption of abuse. 2. There is a presumption of abuse. Check if this is an amended filing. 04/22.
The Chapter 7 means test in Georgia determines eligibility for bankruptcy by comparing your income to the state’s median income for your household size. Calculating current monthly income includes wages, business income, and other sources, but excludes Social Security benefits and certain other payments.
Filing Requirements - Chapter 7 Petition. For more information about Chapter 7, click HERE. Review appropriate instructions before completing forms: • Instructions for Bankruptcy Forms for Individuals • Instructions for Bankruptcy Forms for Non-Individuals.
