Means Test Calculator
Firstly, this is a very rough and probably inaccurate bankruptcy means test calculator. It’s not scientific, and it’s not the real Chapter 7 means test. It’s just an experiment to see if this bankruptcy attorney can even approximate anything resembling reliability from it.
It seemed to work the few dozen times I tried the means test calculator with some test data resembling profiles of clients I’ve seen over the years. It’s not legal advice. I just threw it together because I was bored at lunchtime. Your mileage may vary, disclaimer, etc.
Secondly, click here for a fuller article about the bankruptcy means test, and what it is.
Finally, don’t take this means test quiz too seriously, but if you’re in the Los Angeles area, we can talk about it if you want when you’re done.
Bankruptcy Mean Test
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This is not the bankruptcy means test, but a very crude attempt to give you an idea whether you could qualify for Chapter 7 bankruptcy. Take it with a grain of salt!
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Based on what you’ve provided, here’s the best I could figure out. This is a very imperfect tool, so look at two things: the ‘number of questions correct’ and score.
If you have a low score like under a million, that’s good. You seem to pass easily.
If you have a score starting with 250 and you answered 2 or more questions ‘correctly’ you may pass. If only 1, it’s more fuzzy.
If you have a score starting with 500 and you answered 3 or more questions ‘correctly’ you may pass. If only 2, possibly. If only 1, probably not.
This is still in testing and has all the reliability of a parlor game until I’ve checked it with more real-life cases. If you want me to see if you pass the actual means tests, don’t hesitate to contact us, and thanks for reading!
The actual real bankruptcy means test is a long form with like 10 pages and dozens of boxes. This really is nothing like it, but if you’d like, an experienced bankruptcy attorney can complete it for you and tell you if you qualify for Chapter 7 bankruptcy.
Question 1 of 8
How many people are in your household? That is, how many people do you support with your income? If you’re married, the answer is almost always going to be at least 2. Count kids that you put on your tax return as dependents.
Question 2 of 8
How much income did you earn (gross) before taxes came out the past year?
Question 3 of 8
How much is your tax debt from the last 4 years?
Question 4 of 8
How much is your monthly mortgage payment? If you have more than one, including home equity line of credit (heloc), add both together.
Question 5 of 8
Ok good. About halfway there. How much is your court-ordered alimony or child support payment?
Question 6 of 8
How car loans are you financing in your name requiring monthly payments? If married, count car loans in name of spouse also.
Question 7 of 8
How much money do you spend each *month* for childcare/daycare?
Question 8 of 8
Lastly, how much money do you spend each month, on average, for out-of-pocket medications for you and your spouse? Do not count insurance premiums, or other things that came out of your paycheck.