What is Disposable income – Savannah GA bankruptcy attorney
Liberty County GA bankruptcy lawyer

You are not eligible to file for Chapter 7 if you cannot qualify for certain new conditions imposed by the 2005 revisions to the bankruptcy rules. Under these modifiedrules, you cannot file for Chapter 7 if both of the following are true:

Your current monthly income over the past six months to your filing date is more than the median income for a home of your size in Georgia.

Your disposable income, after subtracting certain expenses and monthly payments for debts you would have to repay in Chapter 13, exceeds certain limits fixed by statute. These calculations are generally referred to as the “means test”. When you have the means to repay a certain amount of your debt in a Chapter 13 repayment plan, you fail the test and do not qualify for Chapter 7 bankruptcy.

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