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What is the Means Test in Bankruptcy?

The means test is a formula used to determine if you qualify for Chapter 7 bankruptcy. It basically compares your monthly income to your monthly expenses. The means test determines whether you would have enough money available to make minimal payments to creditors in a Chapter 13 bankruptcy. If you are not left with enough income to pay your bills, then more than likely you will be able to file Chapter 7 bankruptcy.

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