Whats the point of the means test
Date: Fri, 11/02/2012 - 02:36
Hello,
Please forgive my lack of knowledge on this matter but what is the point of the means test in the first place? From what I read is that the only thing that really is looked at is the schedule I Vs Schedule J. Take me for example, If I make $2000 monthly and my wife makes $800 monthly we fall way below the median income here in Arizona. Our bills as they are now add up to about $2400-$2600... As I understand it I would not be able to file chapter 7 even though we passed the legalconsumer.com means test with flying colors, in fact it tells me that I would have -$63000 to pay my creditors after 5 years ( im not sure if it is a reliable test or not). I know that we would technically have $200 left over but we also lack health ins and other needs that come up as well. Now I know I put myself into this mess so it is me to blame but I am just a little confused. Thank you in advance for any knowledge you can give me.
Please forgive my lack of knowledge on this matter but what is the point of the means test in the first place? From what I read is that the only thing that really is looked at is the schedule I Vs Schedule J. Take me for example, If I make $2000 monthly and my wife makes $800 monthly we fall way below the median income here in Arizona. Our bills as they are now add up to about $2400-$2600... As I understand it I would not be able to file chapter 7 even though we passed the legalconsumer.com means test with flying colors, in fact it tells me that I would have -$63000 to pay my creditors after 5 years ( im not sure if it is a reliable test or not). I know that we would technically have $200 left over but we also lack health ins and other needs that come up as well. Now I know I put myself into this mess so it is me to blame but I am just a little confused. Thank you in advance for any knowledge you can give me.
I for got to add
I guess I confused on why They give you allowances in the initial means test that you are not allowed to put on the schedule J.