Columbia County Georgia bankruptcy attorney explains the law of Disposable Income

Columbia County Georgia bankruptcy attorney explains the law of Disposable Income

Columbia County GA bankruptcy lawyer

If your current monthly earning is lower than the median income for a household of your size in for Georgia, you pass. You are through. You are not required to complete the remainder of the means test. You qualify to file for Chapter 7.

For those whose household income is more than the state median, the means test computations get much more complex. You should calculate if you have enough income left over after paying your allowed monthly expenses, to pay off at least a portion of your unsecured debts like credit card bills. If your disposable income is higher than a certain amount, you fail the means test and cannot file for Chapter 7 bankruptcy.

Median income levels differ by state and household size, and each county and metropolitan region has different permitted amounts for types of expenses: basic necessities, housing, and transportation.
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