The Means Test in Consumer Bankruptcy Cases
1 hour 30 minutes
Gain an understanding of the means test and who should be taking it.
If you are or know one of the millions affected by COVID-19 due to job loss, a family death, or overwhelmed by unpaid bills and collection calls, then bankruptcy can provide you a fresh start. Many practitioners do not understand the details and information necessary to avoid the pitfalls of filing a Chapter 7 bankruptcy case. They also do not understand how to calculate income pursuant to the Bankruptcy Code in a manner that will satisfy the means test as is required by the amendments to the U.S. Bankruptcy Code introduced earlier this year. This topic will help one gain an understanding of the means test and who should be taking the test in light of recent amendments to the bankruptcy code. For those not yet familiar with consumer bankruptcy law, this information will give you the key law and procedural points that arise in connection with the means test. If you are already familiar with consumer bankruptcy law, this topic will refresh some of the fine points that may be traps for the unwary. The material will explain the step-by-step process in determining whether you are Chapter 7 eligible. Failing to have a proper accounting of income and expenses can result in the Chapter 7 case being dismissed or converted to a Chapter 13 case, which will could result in the loss of thousands of dollars.
• You will be able to define the means test.
• You will be able to identify whether you can file Chapter 7.
• You will be able to discuss why we have the means test.
• You will be able to explain how the means test works.