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Means Test of Bankruptcy

Before you want to file for bankruptcy, you may be required to take the means test. The means test can help you conclude the type of bankruptcy that you are eligible for – so in case that you pass this test, you can file for a Chapter 7 bankruptcy and if you do not clear this, you are still eligible to file Chapter 13 bankruptcy. The means test has to be calculated precisely so as to know which chapter to file the bankruptcy case against. Typically, there are two types of personal bankruptcies. Chapter 7– In this chapter of bankruptcy, most of the debtor’s assets are liquidated by a bankruptcy [...]