Filing for bankruptcy under Chapter 7 of the bankruptcy laws is a good option for some people, if their assets and debts fit the requirements for a Chapter 7 filing. One of the ways the bankruptcy courts determine whether a person is eligible for a Chapter 7 bankruptcy is through means testing. Means testing looks at the filer’s financial situation and determines whether they fit the requirements for Chapter 7.
There are many bankruptcy court forms that will need attention during the filing process. Means testing usually begins when the filer, often with help from their attorney, files bankruptcy form 22A, titled “Statement of Current Monthly Income and Means Test Calculation”. The form asks for several different items of information, including the filer’s monthly income, the size of the family and its needs, the median income where the filer lives, and various other pieces of tax information. The person filing the form will have some of this information in their own records, but other items must be obtained from the Census Bureau or the Internal Revenue Service (IRS).
Since means testing paperwork helps determine whether an individual can file under Chapter 7 or not, it is important to ensure that all the information on the form is as complete and accurate as possible. Experienced NJ bankruptcy attorney Robert Manchel has helped other clients complete these forms and help them navigate through the process and filing for personal bankruptcy protection. To learn more about how Robert Manchel’s skills and experience can help you, call 866-503-5655 today.