Law changes in 2005 created a “Means Test” as a method of determining who is eligible to file for Chapter 7 relief. Households with too much income or too little allowed expenses will not be eligible. The “Means Test” uses the past 6 months of household income to determine the average income (called “Current Monthly Income” or CMI) and then applies a formula. If the CMI is above the state median income for the family size then expenses are deducted based on allowed amounts set forth in the IRS collection standards. If the allowed amount of expenses leaves no disposable income then Chapter 7 is allowed. If too much disposable income remains then Chapter 7 is not allowed. If the household CMI is below the state median income for the family size then the Chapter 7 is allowed.
Recent Posts
Attorney Megan Quillen Earns Certification as Consumer Bankruptcy Law Specialist
The law office of Harlan and Quillen is proud to announce that attorney Megan Quillen has been named board certified by the American Board of Certification (ABC) as a Consumer Bankruptcy Law Specialist. “Achieving board certification as a Consumer Bankruptcy Law Specialist is a proud moment in my legal career,” says Quillen. “I am honored
H&Q Paralegal Receives Advanced Certification
H&Q Paralegal April Watson recently achieved the Fair Credit Reporting Act (FCRA) Advanced Certificate through the Professional Background Screening Association. The certification program content included fair credit reporting compliance, accuracy and litigation information and strategy. Watson manages the firm’s credit report review process. H&Q provides a no-cost credit report review for clients following their bankruptcy
H&Q Attorney Keith Slocum named to the Board of the American Board of Certification
Consumer bankruptcy firm, Harlan and Quillen, is proud to announce that attorney Keith Slocum has been named to the Board of the American Board of Certification (ABC). “I’m honored to be named to the ABC board and work alongside other professionals that are leading our legal field,” says Slocum. The ABC is the premier legal