Athens Georgia bankruptcy lawyers explains the idea of Disposable Income

Athens Georgia bankruptcy lawyers explains the idea of Disposable Income
Athens Georgia bankruptcy attorney

If your present monthly earning is less than the median income for a household of your size in for Georgia, you qualify. You are through. You do not need to complete the rest of the means test. You are eligible to file for Chapter 7.

For those whose household income is more than the state median, the means test computations get much more complex. You must determine if you have sufficient income left over after paying your permitted monthly expenses, to repay at least a portion of your unsecured debts such as credit card bills. When your disposable income adds up to more than a certain amount, you fail the means test and do not qualify for Chapter 7 bankruptcy.

Median income levels vary by state and household size, and each county and metropolitan region has different permitted amounts for categories of expenses: basic necessities, housing, and transportation.

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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy