Disabled Veterans and the Bankruptcy Means Test
Are you a Veteran considering filing bankruptcy, you may have some surprising help with qualifying to file your case.
As part of the changes in the bankruptcy laws in 2005, most people who have income above the “median income” have to go through a special analysis called the “statement of current monthly income.” Commonly referred to as the “means test,” or the “median income test” its’ sole purpose is to force as many people as possible to spend 3-5 years in a Chapter 13 reorganization paying everything they can to creditors. The reality is that the test is based on numbers are often not what it truly costs to live. This is not at all surprising, given that the law was written by the credit industry. (more…)