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Means Test

MEANS TEST FOR MASSACHUSETTS & NEW HAMPSHIRE

Our Bankruptcy Attorney Provides Guidance!

If you are about to begin the process of filing for bankruptcy in New Hampshire, then you will need to determine what chapter to file under: Chapter 7 or Chapter 13. While both have specific advantages, only certain qualified individuals may file for Chapter 7, as this chapter is meant for low income earners. To find out if your income is below the median in your state, you need to take the means test.

Taking the Means Test

The official document for the federal means test is Official Form 22A. It will ask you to provide details about your monthly income, assets, debts, and expenses. Upon completing and filing this form, the bankruptcy court will determine your eligibility.

To get an idea of your eligibility before filing the document, you may ask yourself these two questions.

  1. Is my income more than the median income in New Hampshire? 
    Find the current median income for your area on the website for the United States’ Department of Justice: Census Bureau, IRS Data and Administrative Expenses Multipliers. If your median income is below average, then you will most likely qualify for Chapter 7.
  2. Do I have enough disposable income to repay my debts? 
    If your median income is above average, however, you will need to find out if your disposable income is enough to pay off some of your unsecured debts.

Schedule an Appointment with Buckley Law Offices, P.C.
To find out if you qualify for Chapter 7 bankruptcy, call Buckley Law Offices, P.C. Our firm can guide you through the process and help you make the necessary calculations. If you are not eligible for Chapter 7, then you may be able to file under Chapter 13. Call our firm to schedule your free case evaluation today!