More Help on Mississippi Means Testing and Income
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To file Chapter 7 Bankruptcy, you must pass an income test. The income test compares your median income with the income of other families in your state. If your median income is less than the median income compared to other similar sized families in Mississippi, you may be able to file Chapter 7 Bankruptcy. If your income is higher than other Mississippi families, you will have to pass additional means testing.
Means testing is used to determine how much disposable income your family has and if it is enough to repay your debts. The means test will take your gross income and subtract certain outlined expenses including: house payment, car payment, child support, taxes owed and limited school expenses. If the amount that is left will allow you to pay $6,000 or $100 per month toward unsecure debt payment over the next 60 months, you may not be able to file Chapter 7 Bankruptcy. If you can not do that, but you could pay up to 25% of your disposable income toward debt repayment over the next 60 months, you may not be able to file Chapter 7 Bankruptcy.
The median income for the state of Mississippi is published by the United States Trustee program. The State Median Income for the state of Mississippi, after March 15, 2009, for a single wage earner is $32,348. For a family of two it is $41,934 and for a family of three it is $46,470. For a family of four it is $55,759.
This information is very general and should not be considered legal advice. Means testing can be complicated and should be discussed with a Mississippi Bankruptcy Lawyer.
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.
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