Hello,
I just did the bk means test online and my results are:
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 $3,894 is below the median income for 2-person households in Michigan ($4,369).
Summary of your data:
Your average monthly income is $3,894 and, so far, you have expense deductions totaling $ 3,078 per month. That would leave you with $ 816 at the end of each month to pay into a hypothetical, five-year Chapter 13 bankruptcy plan, which would pay your unsecured creditors $ 48,945 over the next five years, or 245 cents for each dollar of the $20,000 you owe them.
I would do a chapter 7 but we are 5 months behind on our house and want to keep it. So if I did a chapter 13, I am going to have to pay more than I owe them?
I just did the bk means test online and my results are:
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 $3,894 is below the median income for 2-person households in Michigan ($4,369).
Summary of your data:
Your average monthly income is $3,894 and, so far, you have expense deductions totaling $ 3,078 per month. That would leave you with $ 816 at the end of each month to pay into a hypothetical, five-year Chapter 13 bankruptcy plan, which would pay your unsecured creditors $ 48,945 over the next five years, or 245 cents for each dollar of the $20,000 you owe them.
I would do a chapter 7 but we are 5 months behind on our house and want to keep it. So if I did a chapter 13, I am going to have to pay more than I owe them?
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