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What is a means test?

If you are struggling financially but are unsure if you qualify for relief through legal means, there is a test you can take to figure it out. It is called a means test. This is something that is available to all New Jersey residents who are considering bankruptcy as a way to resolve their monetary struggles.

Why do I need to take a means test if I want to file bankruptcy?

Before you can file for bankruptcy, you will need to know which type of filing applies to your situation. There are two types of bankruptcy used for personal relief: Chapter 7 and Chapter 13. Both offer a fresh financial start, though, one is through liquidation and debt

discharge -- Chapter 7 -- and the other is through a repayment plan -- Chapter 13. The means test will determine which type of bankruptcy you are eligible to pursue.

What information do I need to complete a means test?

To fill out a means test form, you will need information about your monthly income and the state's median income. You can obtain this information through your own personal records and through census records.

Which type of bankruptcy can I file?

If, according to the means test, your income level is below the state's average you will qualify for a Chapter 7 bankruptcy filing. If your income level is higher than the current median income, you may qualify for a Chapter 13 bankruptcy.

In some cases, those whose income is higher than the state's median income may still be eligible to file a Chapter 7 bankruptcy. One's disposable income -- money left over after paying allowable expenses -- will be evaluated in order to make this determination. Allowable expenses include:

  1. Transportation fees
  2. Basic necessities
  3. Reasonable housing accommodations

How do I gain access to a means testing form?

You can access all bankruptcy forms, including the means testing form, through your legal counsel.

Get the fresh financial start you deserve

For residents of New Jersey, there are various forms of debt relief available. A means test will simply help you determine which type is applicable to your situation. An experienced bankruptcy attorney will be able to assist you in pursuing the right action for your case and help you achieve the fresh financial start you desire.

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  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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