Bankruptcy Resources of Interest

No matter what type of personal bankruptcy filing you will be making; i.e., a Chapter 7 or a Chapter 13 filing, the new bankruptcy laws require that you complete a credit counseling program.  It does not matter whether or not it is apparent that you have virtually no money to enter a repayment plan -- you still have to complete the credit counseling program.  Credit counseling must be done with counselors or agencies that are approved by the United State Bankruptcy Trustee.   You can find the bankruptcy-court approved credit counselors for your state by visiting the United States Trustee's web site. 

Data Underlying the Bankruptcy Means Test

Under the new bankruptcy legislation, you will need to take a means test that will determine your eligibility for Chapter 7 or Chapter 13 filings.  The means test includes a comparison of "your current monthly income" with other wage earners in your state.  The "current monthly income" is an average of your last six months of income.  So, if you lost your job last month, the "current monthly income" will not be $0; it will be the average of the last six months.

Find out how your income compares with other wage earners in your state.

The means test is used to determine whether you have enough disposable income, after subtracting certain allowed expenses and required debt payments, to make payments on a Chapter 13 plan.  The personal bankruptcy software featured on this site walks you through the means test.

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