If your current household income exceeds the median income for your
household size, then there is a presumption that you should enter into
a repayment plan.
Current median income for Colorado is as follows:
Household size Median income
1 47,361
2 62,431
3 69,252
4 79,905
each additional 6,900
The presumption that you should be in a repayment plan can be
overcome by demonstrating that after payment of allowed monthly
living expenses there is insufficient money to fund a repayment plan.
This Means Test Calculator can help determine whether you can file
under Chapter 7 even if you make more than the median income for
your household size.
The Means Test calculation is highly technical and can be very
confusing. If not done correctly, it could lead to dismissal of your case
or conversion to a repayment plan under Chapter 13.
The Means Test does not apply if most of your debt is business debt
rather than consumer debt. There are other exclusions for military.
household size, then there is a presumption that you should enter into
a repayment plan.
Current median income for Colorado is as follows:
Household size Median income
1 47,361
2 62,431
3 69,252
4 79,905
each additional 6,900
The presumption that you should be in a repayment plan can be
overcome by demonstrating that after payment of allowed monthly
living expenses there is insufficient money to fund a repayment plan.
This Means Test Calculator can help determine whether you can file
under Chapter 7 even if you make more than the median income for
your household size.
The Means Test calculation is highly technical and can be very
confusing. If not done correctly, it could lead to dismissal of your case
or conversion to a repayment plan under Chapter 13.
The Means Test does not apply if most of your debt is business debt
rather than consumer debt. There are other exclusions for military.
| LAW OFFICE OF JOHN C. BOWES |
(303) 231-0888
Current Income & Means Test Calculation
"I needed to file for
bankruptcy and I hired
Mr. Bowes to assist
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bankruptcy and I hired
Mr. Bowes to assist
me. He was friendly,
professional and
compassionate ...
MJB
| 720 Kipling Street Lakewood, CO 80215 (6th Ave & Kipling St.) john@johncbowes.com |
The information provided herein does not constitute giving of legal advice nor is an attorney-client relationship established. This site is intended
to be used for general informational purposes. Although the information is intended to be accurate, bankruptcy laws and procedures often change
and may not be reflected herein and particularly in cached versions of these pages.
(c) 2009-2012 Law Office of John C. Bowes
to be used for general informational purposes. Although the information is intended to be accurate, bankruptcy laws and procedures often change
and may not be reflected herein and particularly in cached versions of these pages.
(c) 2009-2012 Law Office of John C. Bowes
 |  |  |  |