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If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
The means test is calculated by comparing the debtor's average income for the past six months (current monthly income), annualized, to the median income for households of the same size in the debtor's state of residence.
After subtracting all the allowed expenses from your ?current monthly income,? the balance is your ?disposable income.? If you have no disposable income ? your allowed expenses exceed your ?current monthly income? ? then you've passed the means test.
If income is less than the median for the prior six months and there is no reason to assume it will soon increase, the test is passed, and the Chapter 7 filing can proceed. The vast majority of applicants pass the test on step one. Those who don't, move to step two.
To determine your Chapter 7 bankruptcy income limit, add the last six months of your gross income ? this is what you earned before taxes and other deductions were taken out. Divide that number by six. While that may seem like a waste of time ? why not just take one month instead of adding six, then dividing by six?
Calculation of Current Monthly Income: To begin the means test, debtors calculate their current monthly income, which equates to twice the gross income earned in the six months leading up to the bankruptcy filing.