You may be facing and financial hardship and wondering whether bankruptcy using the bankruptcy means test in Georgia is the right choice. Let’s go through the process to know of bankruptcy means test in Georgia. To file for Chapter 7 Bankruptcy in Georgia, you need to qualify. The bankruptcy means test will help you determine if you qualify through one of the two ways below.
- It is possible to immediately qualify if you show that the current income in your family is less than the Georgia average earnings for your household size.
- You can also qualify by taking the means test to first find out if you are capable of meeting at least part of your unsecured debts through Chapter 13 bankruptcy.
- You can qualify if you are exempt.
There are three bankruptcy forms used to determine whether you pass the bankruptcy means test in Georgia. Our bankruptcy means test calculator uses these forms to help you estimate qualification. While we are going to focus our attention on the first category, the Georgia means test still runs through all the alternatives for you.
Georgia Chapter 7 Income Limits
The Georgia Chapter 7 income limits are usually updated every six months, and they determine how your family income compares to the Georgia Median income. The table is referred to as the Census Bureau Median Family Income By Family Size, and below you’ll find one dated as of May 1, 2020.
To be eligible, calculate your average family income by considering the average of your monthly income in the most recent six months. After you have the figure (monthly average earnings), annualize it by multiplying by twelve. Are you unsure of you average income? Use the average income calculator below to estimate what that is for you.
Once you have that number, you can conduct a comparison between the shown Georgia median earnings table and the annualized amount below. You will have to add $9,000 for every household member over nine.
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Do you already know that you make too much based on your monthly income, but wonder whether you still may qualification for a Chapter 7 bankruptcy in Georgia? Try our Chapter 7 Bankruptcy Calculator Above Median.
Georgia Mean Test Calculator
The bankruptcy means test is the measure to see whether you are able to afford to pay back a portion or all of your debt. The means test in Georgia uses such factors as marital status and income to understand your income. Using the Georgia Chapter 7 calculator, you can estimate the qualification based on the bankruptcy form. The calculator also allows you to compare other options such as debt settlement and Chapter 13. The calculator uses the official Chapter 7 Statement of Your Current Monthly Income form to estimate bankruptcy means test qualification.
Georgia Mean Test
What if you earn more than the Georgia Chapter 7 income limit? We have good news, hat will not automatically disqualify you from filing for a Chapter 7 bankruptcy.
Another way to qualify is by taking the form B 122A-2 Chapter 7 Means Test Calculation to establish if your financial position allows you to pay a portion of your unsecured debts through Chapter 13 bankruptcy. If this is not possible, you may still be eligible for a Chapter 7 bankruptcy. We use this bankruptcy form in our Chapter 7 bankruptcy above-median calculator. To be termed qualified, calculate your expenses using Census Bureau and IRS data, which comes from both the national average and the Georgia average for standards. Using this data, calculate the amount that is available to pay unsecured debts by subtracting your Georgia expenses from your income.