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FIA Card Services, N. A., 562 U.S. 61 (2011), is a decision by the Supreme Court of the United States involving the means test in Chapter 13 of the United States Bankruptcy Code. The means test had been adopted by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, and Ransom is one of several cases in which the Supreme Court ...
The United States Trustee program has since said it would not attempt to enforce the means test rules for disaster victims, including those affected by Hurricane Katrina. [34] The Justice Department Trustees oversee the administration of bankruptcy law and are able to file the motions necessary to enforce the means test.
Chapter 7 is generally available to lower-income individuals who pass a means test. If you earn more than the threshold, you may be directed to Chapter 13 instead.
Means test; DIP; Title 11 of the United States Code, also known as the United States Bankruptcy Code, is the source of bankruptcy law in the United States Code. [1]
Eligibility criteria and means testing. Determining your eligibility for Chapter 7 or Chapter 13 bankruptcy involves passing a means test based on your income and expenses. The calculations can be ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
Thus, the means test is a formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. These filers may use Chapter 13 bankruptcy to repay a portion of their debts, but may not use Chapter 7 to wipe out their debts altogether. [8] The bankruptcy means test is complex and the terms that govern many parts of it ...
The means test was intended to make it more difficult for a significant number of financially distressed individual debtors whose debts are primarily consumer debts to qualify for relief under Chapter 7 of the Bankruptcy Code. The "means test" is employed in cases where an individual with primarily consumer debts has more than the average ...
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