Quick Chapter 7 Means Test

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If you make less than the Amount in the below chart for your household size, you should qualify to file a chapter 7 bankruptcy. If you make more, you still may qualify you should discuss your options with an attoreny.  Every State is Different we have only included the Means Test for NJ and the Means Test for NY as we only file bankruptcy it those states for clients. 

November 2020 – New Jersey Chapter 7 Means Test – Every State is Different

Household Size Monthly Income Annual Income
1 $5,922 $71,064
2 $7,286 $87,432
3 $9,254 $111,046
4 $11,059 $132,708
5 $11,809.00 $141,708.00

November 2020 – New York Chapter 7 Means Test

Household Size Monthly Income Annual Income
1 $4,996 $59,956
2 $6,352 $76,219
3 $7,615 $91,381
4 $9,255 $111,054
5 $10,004.50 $120,054.00

Quick Chapter 7 Meams Test – First Prong

Quick Chapter 7 Meams Test – First Prong

If your household is greater than 5 people, add $9000 for each person over 5 in your household. The number of people in your household is not necessarily the number of people on your Tax Return.
If you have any questions, please call us at 844-533-3367 or enter your question and email below.

If your household makes more money than the number above, you still may qualify for a chapter 7 bankruptcy:
1. Under the second prong of the means test;
2. You are a veteran, or;
3. The majority of your income is non-consumer debt. (Business debt, Medical Debt, or even possibly Student Loan Debt.)

Filing Bankruptcy Has Long Term Financial Consequences. Bankruptcy Fraud can lead to Imprisonment and Fines. Talk to an attorney before you take any steps.

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We look forward to hearing from you. Please feel free to get in touch via the form. We will get back to you shortly.  Call us at (844) 533-3367 or to contact us directly by email please use: Contact@PSCBLaw.com

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We have over 30 years of legal experience. 

We understand that nothing is more important than the emotional, financial and spiritual health of your family, through its many transitions. We are here to help you. The mission of PCB Law offices is to provide our clients with the best legal advice possible.

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The Law Offices of Patel, Cardenas, & Bost provide probate, real estate, litigation, cannabis, entertainment, immigration, bankruptcy, foreclosure and loan modification representation to clients throughout the State of New Jersey and New York area with offices in Jersey City, Freehold, Hackensack, The Bronx, Brooklyn, and Rochester. This website is a Legal Advertisement. The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney client relationship. We are attorneys, but we are not your attorneys until a retainer has been signed.

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