OK, I did the test wrong and went back and re-did it.
OK, now what it is telling me is this: (this can be right?)
Bottom Line
Based on the information you have entered so far, you pass the means test requirements to qualify for Chapter 7 bankruptcy, because your monthly income of $5,241 is below the median income for 5-person households in Tennessee ($5,761).
Summary of your data:
Your average monthly income is $5,241 and, so far, you have expense deductions totaling $4,198 per month. That would leave you with $1,043 at the end of each month to pay into a hypothetical, five-year Chapter 13 bankruptcy plan, which would pay your unsecured creditors $62,580 over the next five years, or 174 cents for each dollar of the $36,000 you owe them.
OK, now what it is telling me is this: (this can be right?)
Bottom Line
Based on the information you have entered so far, you pass the means test requirements to qualify for Chapter 7 bankruptcy, because your monthly income of $5,241 is below the median income for 5-person households in Tennessee ($5,761).
Summary of your data:
Your average monthly income is $5,241 and, so far, you have expense deductions totaling $4,198 per month. That would leave you with $1,043 at the end of each month to pay into a hypothetical, five-year Chapter 13 bankruptcy plan, which would pay your unsecured creditors $62,580 over the next five years, or 174 cents for each dollar of the $36,000 you owe them.
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