Harris County Georgia bankruptcy law firm describes the concept of Disposable Income

Harris County Georgia bankruptcy law firm describes the concept of Disposable Income
Best bankruptcy attorney Columbus GA

If your present monthly earning is less than the median income for a household of your size in for Georgia, you qualify. You are through. You need not complete the rest of the means test. You can file for Chapter 7.

For those whose household income is higher than the state median, the means test computations get significantly more complex. You should determine if you have enough income left over after paying your allowed monthly expenses, to repay at least a portion of your unsecured debts like credit card bills. When your disposable income is more than a certain amount, you fail the means test and do not qualify for Chapter 7 bankruptcy.

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

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