24 Hour Toll Free Help

If your median income is below the state median income, you can file Chapter 7 Bankruptcy. If it above the Kentucky median income, a Kentucky Bankruptcy Attorney can help you perform additional "means testing."

The means testing generally will analyze your income and your disposable income to determine if you can pay your creditors. If you subtract your house payment, car payment, school tuition (up to a limit), and taxes owed from your income and you have disposable income up to $6,000 or $100 per month that could be used to pay your unsecured creditors for the next 60 months, you may have to file Chapter 13 Bankruptcy. If you do not pass this test, but still have enough income to pay 25% toward debt repayment over the next 60 months, you may have to file Chapter 13 Bankruptcy.

In the state of Kentucky, median income information is published by the United States Trustee program. . The State Median Income for the state of Kentucky after March 15, 2009, for a single wage earner is $36,628. For a family of two it is $45,474, for a family of three it is $55,391 and for a family of four it is $65,520.

The above information is general information. A Kentucky Bankruptcy Lawyer should be contacted to review your financial information to determine if you can file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.

More Help on Means Testing in Kentucky

Find Other Articles

  • Tagged with the keyword:

Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.

A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

Get Help Now

Recent Bankruptcy Articles

Recent Bankruptcy Articles

  • Home Equity and Bankruptcy
    If you have equity on your house, then it is possible to use that equity in order to pay off your Chapter 13 bankruptcy at a much faster pace.
    - read more

  • Fair Credit Reporting Act
    The primary purpose of the Fair Credit Reporting Act is to ensure fairness and accuracy of credit reporting, and that the procedures followed are reasonable.
    - read more

  • Most Common Reasons for Bankruptcy
    A list of ten most common reasons people usually file for bankruptcy, including harassment from creditors and to end wage garnishments.
    - read more

  • Student Loans and Bankruptcy
    According to new changes, your student loan will only be discharged if the bankruptcy court is convinced that paying back the loan would bring about undue hardships for you or the people who are dependent on you.
    - read more