Jones County GA bankruptcy attorney describes the concept of Disposable Income
Bankruptcy lawyer Macon
If your current monthly income 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 remainder of the means test. You are eligible to 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 calculate if you have enough income left over after paying your permitted monthly expenses, to repay at least a portion of your unsecured debts like credit card bills. When your disposable income adds up to higher than a certain amount, you fail the means test and cannot file for Chapter 7 bankruptcy.
Median income levels vary 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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Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA
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