Go to Means Testing and click on the most recent date of filing to get the most up-to-date and accurate information.
Then click on Median Family Income Based on State/Territory and Family Size and compare your data to the state's to determine if your monthly income is higher or lower than the median If you provide 50% or more of their living expenses, you may count them as apart of your household Automatic Means Test Calculator There are three situations where passing the Means Test is not mandatory to be eligible for chapter 7 bankruptcy.
The strategy includes an appropriate price of the stocks or assets in the right time he enters.
It's hard to fix what "an appropriate price" is, and when it is appropriate because no one makes a purchase or a sale absolutely in his most favorable situation.
To determine your annual income, take your monthly income and multiply by 12.
However, determination may be made when the price of such share or assets are "undervalued" comparing to its potentiality.
This is called the margin of safety where an investor can feel at ease when the price of the stocks is alarmingly down.
Those who cannot file under chapter 7 generally file under chapter 13, which is a reorganization of assets.
Instead of liquidating assets and paying off creditors with what you currently own, a monthly plan is established to pay back creditors in a 3-5 year time frame.